KALVEBOD PLC
Series 1 DKK 850,000,000 Fixed/Floating Rate Secured Notes due 2013
(ISIN: DK0030014667)
Series 2 DKK 928,450,000 Fixed/Floating Rate Secured Notes due 2106
(ISIN: DK0030029269)
(collectively, the “Notes” and each a “Series of Notes” and a “Series”)
In press releases dated 24 August 2008, Roskilde Bank A/S and the Danish
central bank (“Nationalbanken”) announced that a sale agreement has been
entered into between Roskilde Bank A/S and a newly established bank, founded by
Nationalbanken and the Private Contingency Association, pursuant to which all
of Roskilde Bank A/S's assets will be sold, and all debt and other liabilities,
except for hybrid core capital and subordinated loan capital, will be
transferred to the newly established bank. The sale agreement is subject to the
approval of: (i) the Danish Financial Services Authority; and (ii) an
extraordinary general meeting of Roskilde Bank A/S. Please refer to the press
releases mentioned above for further information. The press release dated 24
August 2008 issued by Roskilde Bank A/S can be found
here: www.roskildebank.dk/filarkiv/meddelelse_28_2008.pdf.
Subordinated bonds issued by Roskilde Bank A/S form part of the underlying
collateral
in respect of each Series of Notes. The subordinated bonds issued by Roskilde
Bank A/S and which form part of the underlying collateral in respect of Series
1 are expressed to be subordinated loan capital. The subordinated bonds issued
by Roskilde Bank A/S which form part of the underlying collateral in respect of
Series 2 are expressed to be hybrid core capital.
The matters described in the press releases and the transactions described in
the sale agreement (the “Relevant Matters”) may have an impact on the
subordinated bonds issued by Roskilde Bank A/S which form part of the
underlying collateral in respect of each Series of Notes. Nykredit Bank A/S and
Kalvebod plc are currently seeking further advice and information on Roskilde
Bank A/S and the Relevant Matters in order to ascertain what, if any, will be
the impact on each Series of Notes. Kalvebod plc notes that the impact of the
Relevant Matters might be the occurrence of a Bond Collateral Default (as such
term is defined in the terms and conditions of the relevant Series of Notes).
Further information regarding the Relevant Matters and the related impact on
each Series of Notes will be notified by Nykredit Bank A/S and Kalvebod plc as
soon as reasonably practicable once further advice and information has been
obtained.
For a more detailed description of the structure of each Series of Notes,
please refer
to the prospectuses for each Series of Notes, which can be obtained by
contacting
Nykredit Bank A/S, Kalvebod Brygge 1-3, DK-1780 Copenhagen V, tel: +45 44 55 12
90.
On behalf of Kalvebod plc
Nykredit Bank A/S as Listing Agent
