Obligation AINMT Scandinavia Holdings AB 0% ( NO0010789035 ) en NOK

AINMT Scandinavia Holdings AB

100 % ⇌

Suede

NO0010789035 ( en NOK )

07/04/2022 - Obligation échue

Prospectus brochure de l'obligation AINMT Scandinavia Holdings AB NO0010789035 en NOK 0%, échue

500 000 NOK

800 000 000 NOK

L'Obligation émise par AINMT Scandinavia Holdings AB ( Suede ) , en NOK, avec le code ISIN NO0010789035, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 07/04/2022

Se cu r it ie s N ot e

I SI N: NO 0010789035
AI NMT Scandinavia Holdings AS
FRN Senior Unsecured Bonds 2017/ 2022

28 Sept em ber 2017

Ar r a n ge r s

DNB Market s

Paret o Securit ies AS
As Joint Lead Manager

As Joint Lead Manager

Securit ies Not e

I SI N NO 0010789035
I m por t a n t in for m a t ion

The Securit ies Not e has been prepared in connect ion wit h list ing of t he securit ies at Oslo Børs.
Finanst ilsynet ( t he Financial Supervisory Aut horit y of Norway) has cont rolled and approved t he
Securit ies Not e pursuant t o Sect ion 7- 7 of t he Norwegian Securit ies Trading Act . The exam inat ion and
approval by t he Financial Supervisory Aut horit y of Norw ay relat e exclusively t o t he Com pany having
included descript ions pursuant t o a pre- defined list of cont ent requirem ent s. Consequent ly, t he Financial
Supervisory Aut horit y of Norway has not exam ined or approved t he correct ness or com plet eness of t he
inform at ion disclosed in t he Securit ies Not e. Nor has t he Financial Supervisory Aut horit y of Norw ay
perform ed any form of exam inat ion or approval of com pany law aspect s described in, or encom passed
by, t he Securit ies Not e.

New inform at ion t hat is significant for t he Borrow er or it s subsidiaries m ay be disclosed aft er t he
Securit ies Not e has been m ade public, but prior t o list ing of t he Bonds. Such inform at ion will be
published as a supplem ent t o t he Securit ies Not e pursuant t o Sect ion 7- 15 of t he Norwegian Securit ies
Trading Act . On no account m ust t he publicat ion or t he disclosure of t he Securit ies Not e give t he
im pression t hat t he inform at ion herein is com plet e or corr ect on a given dat e aft er t he dat e on t he
Securit ies Not e, or t hat t he business act ivit ies of t he Borrower or it s subsidiaries m ay not have been
changed.

Only t he Borrower and t he Arrangers are ent it led t o procure inform at ion about condit ions described in
t he Securit ies Not e. I nform at ion procured by any ot her per son is of no relevance in relat ion t o t he
Securit ies Not e and cannot be relied on.

Unless ot herwise st at ed, t he Securit ies Not e is subj ect t o Nor w egian law. I n t he event of any disput e
regarding t he Securit ies Not e, Norwegian law will apply.

I n cert ain j urisdict ions, t he dist ribut ion of t he Securit ies Not e m ay be lim it ed by law , for exam ple in t he
Unit ed St at es of Am erica or in t he Unit ed Kingdom . Verificat ion and approval of t he Securit ies Not e by
Finanst ilsynet im plies t hat t he Not e m ay be used in any EEA count ry. No ot her m easures have been
t aken t o obt ain aut horisat ion t o dist ribut e t he Securit ies Not e in any j urisdict ion where such act ion is
required. Per sons t hat receive t he Securit ies Not e are ordered by t he Borr ower and t he Arrangers t o
obt ain inform at ion on and com ply wit h such rest rict ions.

This Securit ies Not e is not an offer t o sell or a request t o buy bonds.

The cont ent of t he Securit ies Not e does not const it ut e legal, financial or t ax advice and bond owner s
should seek legal, financial and/ or t ax advice.

The Securit ies Not e t oget her wit h t he Regist rat ion Docum ent and t he Sum m ary const it ut es t he
Prospect us.

Fa ct or s w h ich a r e m a t e r ia l for t h e pu r pose of a sse ssin g t h e m a r k e t r isk s a ssocia t e d w it h
Bon d

The Bonds m ay not be a suit able invest m ent for all invest ors. Each pot ent ial invest or in t he Bonds m ust
det erm ine t he suit abilit y of t hat invest m ent in light of it s own circum st ances. I n part icular, each
pot ent ial invest or should:

( i)
have sufficient know ledge and experience t o m ak e a m eaningful evaluat ion of t he Bonds, t he
m erit s and risks of invest ing in t he Bonds and t he inform at ion cont ained or incorporat ed by
reference in t his Securit ies Not e and/ or Regist rat ion Docum ent or any applicable supplem ent ;

( ii)
have access t o, and knowledge of, appropriat e analyt ical t ools t o evaluat e, in t he cont ext of it s
part icular financial sit uat ion, an invest m ent in t he Bonds and t he im pact t he Bonds will have on
it s overall invest m ent port folio;

( iii)
have sufficient financial resources and liquidit y t o bear all of t he risks of an invest m ent in t he
Bonds, including w here t he currency for principal or int erest paym ent s is different from t he
pot ent ial invest or's currency;

( iv)
underst and t horoughly t he t erm s of t he Bonds and be fam iliar wit h t he behaviour of t he
financial m arket s; and
Page 2 of 74

Securit ies Not e

I SI N NO 0010789035

( v)
be able t o evaluat e ( eit her alone or w it h t he help of a financial adviser) possible scenarios for
econom ic, int erest rat e and ot her fact ors t hat m ay affect it s invest m ent and it s abilit y t o bear
t he applicable risks.

Page 3 of 74

Securit ies Not e

I SI N NO 0010789035
I n de x

I ndex ..................................................................................................................................... 4
1 Risk Fact ors .......................................................................................................................... 5
2 Persons Responsible .............................................................................................................. 7
3 Det ailed inform at ion about t he securit ies .................................................................................. 8
4 Addit ional I nform at ion .......................................................................................................... 25
5 Appendix: .......................................................................................................................... 26

Page 4 of 74

Securit ies Not e

I SI N NO 0010789035
1 Risk Fa ct or s

I nvest ing in t he Bonds issued by ice group Scandinavia Holding AS ( " Borrow er" or " I ssuer" ) involves
inherent risks. Prospect ive invest ors should consider, am ong ot her t hings, t he risk fact ors set out in t he
Prospect us before m aking an invest m ent decision. The risks and uncer t aint ies described in t he
Prospect us are risks of which t he I ssuer is aware and t hat t he I ssuer considers t o be m at erial t o it s
business. I f any of t hese risks were t o occur, t he I ssuer's business, financial posit ion, operat ing result s
or cash flows could be m at erially adversely affect ed, and t he I ssuer could be unable t o pay int erest ,
principal or ot her am ount s on or in connect ion wit h t he Bonds.

Prospect ive invest ors should also read t he det ailed inform at ion set out in t he Regist rat ion Docum ent
dat ed 28 Sept em ber 2017 and reach t heir own conclusions prior t o m aking any invest m ent decision.

Risk r e la t e d t o t h e Bon ds

General
All invest m ent s in int erest - bearing securit ies have risk associat ed wit h such invest m ent . The risk is
relat ed t o t he general volat ilit y in t he m arket for such securit ies, varying liquidit y in a single bond issue
as well as com pany- specific risk fact ors. There are four m ain risk fact ors t hat sum up t he invest ors t ot al
risk exposure w hen invest ing in int erest bearing securit ies: liquidit y, int erest - rat e, set t lem ent and
m arket risk ( bot h in general and issuer- specific) .

Liquidit y risk
The liquidit y of t he t rading m arket in t he Bonds, and t he m arket price quot ed for t he Bonds, m ay be
adversely affect ed by changes in t he overall m arket for sim ilar yield securit ies, int erest rat es and t he
I ssuer's financial perform ance or prospect s or in t he prospect s for com panies in it s indust ry generally.
As a result , an act ive t rading m arket for t he Bonds m ay not develop or be m aint ained.

Hist orically, t he m arket s for non- invest m ent - gr ade debt , such as t he Bonds, have been subj ect t o
disrupt ions t hat have caused subst ant ial volat ilit y in t heir prices. Any m arket for t he Bonds m ay be
subj ect t o sim ilar disrupt ions. Any such disrupt ions m ay affect t he liquidit y and t rading of t he Bonds
independent ly of t he I ssuer's financial perform ance and prospect s and m ay have an adverse effect on
t he holders of t he Bonds.

No m arket - m aker agreem ent has been ent ered int o in relat ion t o t his Bond I ssue, and t he liquidit y of
t he Bonds will depend at all t im es on t he m arket part icipant s' view of t he credit qualit y of t he I ssuer as
well as est ablished and available credit lines.

I nt erest - rat e risk
I nt erest - rat e risk is t he r isk t hat result s from t he variabilit y of t he NI BOR int erest r at e. The coupon
paym ent s, which depend on t he NI BOR int erest rat e and t he Margin, will vary in accordance wit h t he
variabilit y of t he NI BOR int erest rat e. The int erest - rat e risk relat ed t o t his Bond I ssue will be lim it ed,
since t he coupon rat e will be adj ust ed quart erly in accordance wit h t he change in t he reference int erest
rat e ( NI BOR t hree m ont hs) over t he five- year t enor. The prim ary price risk for a float ing rat e bond
issue will be relat ed t o t he m arket view of t he corr ect t rading level for t he credit spread r elat ed t o t he
bond issue at a cert ain t im e during t he t enor, com pared wit h t he credit m argin t he bond issue is
carrying.

A possible increase in t he credit spr ead t rading level relat ive t o t he coupon- defined credit m argin m ay
relat e t o general changes in t he m arket condit ions and/ or I ssuer- specific circum st ances. Under norm al
m arket circum st ances, however, t he ant icipat ed t radable credit spread will fall as t he durat ion of t he
bond issue short ens. I n general, t he price of bonds will fall when t he credit spread in t he m arket
increases, and conversely t he bond price will increase when t he m arket spread decr eases.

Set t lem ent risk
The set t lem ent risk ( being t he risk t hat t he set t lem ent of Bonds does not t ake place as agreed) consist s
of t he failure t o pay or t he failure t o deliver t he Bonds.

Credit risk
Credit risk is t he risk t hat t he Borrower fails t o m ake t he required paym ent s under t he Bond I ssue
( eit her principal or int erest ) .

Page 5 of 74

Securit ies Not e

I SI N NO 0010789035

Market risk
Market risk, also called " syst em at ic risk" , is t he negat ive im pact on t he value of t he Bonds from any
t ype of m aj or nat ural disast er, such as recessions, polit ical t urm oil, changes in int erest rat es or t errorist
at t acks. The price of a single bond issue will fluct uat e in accor dance wit h t he int erest r at e and credit
m arket s in general, t he m arket view of t he credit risk, and t he liquidit y of t his Bond I ssue in t he
m arket . I n spit e of an underlying posit ive developm ent in t he I ssuer's business act ivit ies, t he price of
t he Bonds m ay fall independent ly of t his fact . However, bond issues wit h a r elat ively short t enor and a
float ing- rat e coupon rat e do generally carry a lower price risk com pared wit h bonds wit h a longer
t enor and/ or wit h a fixed coupon rat e.

Ranking of t he Bonds
The Bonds const it ut e senior unsecured obligat ions of t he I ssuer. As such, t he Bonds are effect ively
subordinat ed t o t he secur ed debt of t he I ssuer and any debt of t he I ssuer's subsidiaries out st anding
from t im e t o t im e. The Bonds rank equally in right of paym ent wit h t he I ssuer's senior unsecured debt
out st anding from t im e t o t im e and senior in right of paym ent t o t he I ssuer's subordinat ed debt ( if any)
out st anding from t im e t o t im e. The secured credit ors of t he I ssuer will have priorit y over t he asset s
securing t heir debt . I n t he event t hat such secur ed debt becom es due or a secured lender proceeds
against t he asset s t hat secure t he debt , t he asset s would be available t o sat isfy obligat ions under t he
secured debt before any paym ent would be m ade on t he Bonds. Any asset s rem aining aft er repaym ent
of it s secured debt m ay not be sufficient t o repay all am ount s owing under t he Bonds.

Modificat ion and waiver
The condit ions of t he Bonds cont ain provisions for calling m eet ings of bondholders t o consider m at t ers
affect ing t heir int erest s generally. These provisions perm it defined m aj orit ies t o bind all bondholders
including bondholders who did not at t end and vot e at t he relevant m eet ing and bondholders who vot ed
in a m anner cont rary t o t he m aj orit y.

AMENDMENTS AND WAI VERS

Procedur e for am endm ent s and waivers

The I ssuer and t he Bond Trust ee ( act ing on behalf of t he Bondholders) m ay agree t o am end t he Finance
Docum ent s or waive a past default or ant icipat ed failure t o com ply wit h any provision in a Finance
Docum ent , provided t hat :

such am endm ent or waiver is not det rim ent al t o t he right s and benefit s of t he Bondholders in any
m at erial respect , or is m ade solely for t he purpose of rect ifying obvious errors and m ist akes; or

such am endm ent or w aiver is required by applicable law, a court ruling or a decision by a relevant
aut horit y; or

such am endm ent or waiver has been duly approved by t he Bondholders in accordance wit h Clause 17
( Bondholders` Decisions) in t he Bond Term s.

Any changes t o t he Bond Term s necessary or appropriat e in connect ion wit h t he appoint m ent of a
Securit y Agent ot her t han t he Bond Trust ee shall be docum ent ed in an am endm ent t o t hese Bond
Term s, signed by t he Bond Trust ee ( in it s discret ion) . I f so desired by t he Bond Trust ee, any or all of
t he Transact ion Securit y Docum ent s shall be am ended, assigned or re- issued, so t hat t he Securit y
Agent is t he holder of t he relevant Securit y ( on behalf of t he Bondholders) . The cost s incurred in
connect ion wit h such am endm ent , assignm ent or re- issue shall be for t he account of t he I ssuer.

Page 6 of 74

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I SI N NO 0010789035

2 Persons Responsible

2 .1 Pe r son s r e spon sible for t h e in for m a t ion

Persons responsible for t he inform at ion given in t he Prospect us are:
ice group Scandinavia Holdings AS
Øst ensj øveien 32
0667 Oslo
Norway

2 .2 Re spon sibilit y st a t e m e n t by pe r son s r e spon sible

This Prospect us has been prepared on behalf of ice group Scandinavia Holdings AS. The Com pany
confirm s t hat , having t aken all reasonable care t o ensure t hat such is t he case, t he inform at ion
cont ained in t his Prospect us is, t o t he best of it s knowledge, in accordance wit h t he fact s and cont ains
no om ission likely t o affect it s im port .

Oslo, 28 Sept em ber 2017

ice group Scandinavia Holdings AS

Page 7 of 74

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I SI N NO 0010789035
3 Detailed information about the securities

I SI N code:
NO 0010789035

The Refer ence Nam e/ The Bonds/ The
AI NMT Scandinavia Holdings AS FRN Senior Unsecured Bonds
Bond I ssue:
2017/ 2022

I ssuer:
ice group Scandinavia Holdings AS, a Norw egian lim it ed liabilit y
com pany, business reg. no. 913 192 354.

Group:
Means t he I ssuer and all it s subsidiaries from t im e t o t im e
( present and fut ure) ( each a " Group Com pany" ) .

Subsidiaries:
Means t he I ssuer's pr esent and fut ure Subsidiaries, including t he
following com panies as of t he Set t lem ent Dat e:

( i) I ce Com m unicat ion Norge AS ( previously Telco Dat a
AS) , a Norwegian com pany wit h reg. num ber 912 672
808;

( ii) Net et t Sverige AB, a Sw edish com pany wit h reg. num ber
556773- 3091 ( t he " Swedish Subsidiary" ) ;

( iii) I ce Nor ge AS, a Norwegian com pany wit h reg. num ber
991 715 290; and

( iv) I ce Danm ark ApS, a Danish com pany wit h reg. num ber
29 84 99 43 ( t he " Danish Subsidiary" ) .

Securit y Type:
Bond issue wit h float ing rat e

Currency: NOK

Borrowing Lim it Tap I ssue:
NOK
1,250,000,000

Borrowing Am ount / First t ranche:
NOK
800,000,000

Denom inat ion Each Bond:
NOK 500,000

Minim um I nvest m ent :
The m inim um subscript ion and invest m ent in t he Bonds is NOK
1,000,000, and higher am ount s m ay be subscribed in int egral
m ult iples of NOK 500,000 in excess t hereof ( but in no event less
t han t he NOK equivalent of EUR 100,000) .

Securit ies Form :
The Bonds ar e elect ronic regist ered in book- ent ry form wit h t he
Securit ies Deposit ory.

Disbursem ent / Set t lem ent / I ssue
7 April 2017
Dat e:

I nt erest Bear ing From and I ncluding: Disbursem ent / Set t lem ent / I ssue Dat e

I nt erest Bear ing To:
Mat urit y Dat e

Mat urit y Dat e:
7 April 2022

Reference Rat e:
3 m ont hs NI BOR

Margin: 5.25%
p.a.

Coupon Rat e:
NI BOR + Margin.

6.10 % for t he I nt erest Period ( 7 July 2017 9 Oct ober 2017) .
Page 8 of 74

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I SI N NO 0010789035

Day Count Fract ion - Coupon:
Act / 360 in arrears.

Business Day Convent ion: Modified
follow ing.
I f t he I nt erest Paym ent Dat e is not a Business Day, t he I nt erest
Paym ent Dat e shall be post poned t o t he next Business Day.
How ever, if t his day falls in t he following calendar m ont h, t he
I nt erest Pay m ent Dat e is m oved t o t he first Business Day
preceding t he original dat e.

I nt erest - rat e Det erm inat ion Dat e:
5 April 2017, and t hereaft er t wo Business Days prior t o each
I nt erest - rat e Adj ust m ent Day.

I nt erest - rat e Adj ust m ent Dat e:
Wit h effect from I nt erest Paym ent Dat e.

I nt erest Pay m ent Dat e:
7 January, 7 April, 7 July and 7 Oct ober in each year ( as
adj ust ed in accordance wit h t he Business day Convent ion) , t he
first being 7 July 2017.

# Days first t erm :
91 days

I ssue Price:
100.00% of par value

Yield:
Dependent on t he m arket price. Yield for t he I nt erest Period
from 7 July 2017 t o 9 Oct ober 2017 is 6.24 % p.a. assum ing a
price of 100 % .

Business Day:
Means any day on which bot h t he relevant CSD set t lem ent
syst em is open, and t he relevant Bond currency set t lem ent
syst em is open.

CSD
CSD m eans t he cent ral securit ies deposit ory in which t he Bonds
are regist ered, being VPS ASA.

Volunt ary early redem pt ion - Call

Opt ion:
a) The I ssuer m ay redeem t he Bonds ( all or not hing) at any
t im e from and including:

( i) t he I ssue Dat e t o, but not including, t he First Call Dat e
at a price equal t o t he Make Whole Am ount ;

( ii) t he First Call Dat e t o, but not including, t he I nt erest
Paym ent Dat e in April 2020 at a price equal t o 104.00
% . of t he Nom inal Am ount for each redeem ed Bond;

( iii) t he I nt er est Paym ent Dat e in April 2020 t o, but not
including, t he I nt er est Paym ent Dat e in April 2021 at a
price equal t o 102.50 % . of t he Nom inal Am ount for
each redeem ed Bond; and

( iv) t he I nt er est Paym ent Dat e in April 2021 t o, but not
including, t he Mat urit y Dat e at a price equal t o 101.25
% of t he Nom inal Am ount for each redeem ed Bond.

( b) I n addit ion t o such am ount s payable under Clause 10.2 ( a)
above, t he I ssuer shall pay accrued and unpaid int erest on
redeem ed Bonds.

( c) Any redem pt ion of Bonds pursuant t o Clause 10.2 ( a) in t he
Bond Term s shall be det erm ined based upon t he r edem pt ion
prices applicable on t he Call Opt ion Repaym ent Dat e.

Page 9 of 74

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I SI N NO 0010789035
( d) The Call Opt ion m ay be exercised by t he I ssuer by
writ t en not ice t o t he Bond Trust ee and t he Bondholders
at least t en 10, but not m ore t han 20, Business Days
prior t o t he proposed Call Opt ion Repaym ent Dat e. Such
not ice sent by t he I ssuer is irrevocable and shall specify
t he Call Opt ion Repaym ent Dat e. Unless t he Make Whole
Am ount is set out in t he writ t en not ice where t he I ssuer
exercises t he Call Opt ion, t he I ssuer shall publish t he
Make Whole Am ount t o t he Bondholders as soon as
possible and at t he lat est wit hin t hree 3 Business Days
from t he dat e of t he not ice.

For m ore inform at ion regarding t he call opt ions, please refer t o
t he Bond Agreem ent at t ached heret o.

Definit ions:

"Ca ll Opt ion Re pa ym e n t D a t e " m eans t he set t lem ent dat e for
t he Call Opt ion det erm ined by t he I ssuer pursuant t o Clause
10.2 ( Volunt ary early redem pt ion - Call Opt ion) , or a dat e
agreed upon bet ween t he Bond Tr ust ee and t he I ssuer in
connect ion wit h such redem pt ion of Bonds.

"Fir st Ca ll D a t e " m eans t he I nt erest Paym ent Dat e in April
2019.

"M a k e W h ole Am ou n t " m eans an am ount equal t o t he sum
of:

t he present value on t he Call Opt ion Repaym ent Dat e of 104.00
% . of t he Nom inal Am ount of t he r edeem ed Bonds as if such
paym ent originally had t aken place on t he First Call Dat e; and

t he present value on t he Call Opt ion Repaym ent Dat e of t he
rem aining int erest paym ent s of t he r edeem ed Bonds, less any
accrued and unpaid int erest on t he redeem ed Bonds as at t he
Call Opt ion Repaym ent Dat e, t o t he First Call Dat e,

where t he pr esent value shall be calculat ed by using a discount
rat e of 50 basis point s above t he com parable Governm ent Bond
Rat e ( i.e. com parable t o t he rem aining Macaulay durat ion of t he
Bonds from t he Call Opt ion Repaym ent Dat e unt il t he First Call
Dat e using linear int erpolat ion) , and where t he int erest rat e
applied for t he rem aining int erest paym ent s shall equal t he Mid-
Swap Rat e plus t he Margin ( however so t hat t he int erest rat e
can never fall below t he Margin) .

" Ou t st a n din g Bon ds" m eans t he Bonds not redeem ed or
ot herwise discharged.

Put Opt ion Event :
( a) Upon t he occurrence of a Put Opt ion Event , each
Bondholder will have t he right ( t he " Put Opt ion" ) t o
require t hat t he I ssuer purchases all or som e of t he
Bonds held by t hat Bondholder at :

( i) a price equal t o 101 % . of t he Nom inal Am ount
following t he not ice of a Change of Cont rol
Event ; and
( ii) a price equal t o t he pr ev ailing Call Opt ion price
following t he not ice of a Mat erial Asset Sale
Event .

( b) The Put Opt ion m ust be exercised w it hin 30 calendar
days aft er t he I ssuer has given not ice t o t he Bond
Page 10 of 74

Document Outline

#1">Securities Note NO0010789035 ice group scandinavia Holdings AS_dated 28 September 2017
#27">NO0010789035_LA