At the issuer’s request, a bondholders’ ´meeting is convened for bondholders of bond category ICEAIR 15 1 with ISIN IS0000025427 on November 15th 2018 at 4:30 pm on Icelandair Hotel Reykjavik Natura.
The only agenda of the meeting is to decide on a change of the bond’s terms & conditions which will grant a temporary waiver until November 30th 2018 for certain financial covenants of the bond. The bond contains the following acceleration clause: “In case of a breach of these covenants or other terms of the bond may be accelerated by bondholders.”
It is suggested that the clause will be amended as follows: “In case of a breach of these covenants or other terms of the bond may be accelerated by bondholders. However, right to acceleration due to a breach of financial covenants on September 30th 2018 regarding gross leverage and gross leverage II will become applicable on November 30th 2018 if these covenants have not been fulfilled by that time.”
The voting rights will be in accordance with a list of bondholders today on November 7th 2018. The approval of 85% of the bondholders is necessary to amend the terms & conditions and additionally the issuer’s approval is needed. In accordance with the terms of the bonds regarding information, the issuer will announce any changes of the terms & conditions of the bond through the NASDAQ OMX Iceland Stock Exchange.
The bondholder’s meeting will be open for registration from 4:15 pm.
Bogi Nils Bogason, Interim President & CEO