Published to the OMX Nordic Exchange Copenhagen via Company News Service on 16
October 2008
Landic Property Bonds IX Company Announcement -Recent Developments
Landic Property Bonds IX AB shall hereby announce its receipt of notification
from Barclays Capital Mortgage Servicing Limited as Agent under the Facility
Agreement of 27 October 2006 between Landic Property Bonds IX AB (as borrower),
Barclays Bank Plc (as original lender and hedging counterparty), Barclays
Capital Mortgage Servicing Limited (as agent and security trustee), and
Barclays Capital (as arranger) regarding a term loan facility and a revolving
loan facility in the initial principal amount of SEK 5,368,500,000.
Pursuant to the notification Landic Property Bonds IX AB is not in compliance
with a certain undertaking under the Facility Agreement in that the principal
amount of the loans outstanding under the Facility Agreement exceed 92.5% of
the market value of the properties securing such loans (calculated in
accordance with the latest valuation prepared by DTZ Sweden AB on behalf of
Barclays Capital Mortgage Servicing Limited).
The loan facility under the Facility Agreement has as of this date not been
cancelled nor accelerated. Landic Property Bonds IX AB is currently in a
constructive and continuous dialogue with Barclays with the aim of complying
with the mentioned covenant.
Please address questions relating to this Notice to Company Secretary Klaus T.
W. Lund on telephone +45 3378 4000.
