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MOBYLIFE HOLDING A/S WITHDRAWS WRITTEN PROCEDURE RELATING TO ITS OUTSTANDING NOTES AND AGREES NEW RESTRUCTURING TERMS WITH NOTEHOLDER COMMITTEE

24 November 2016

Mobylife Holding A/S (the “Issuer”) has today requested the Agent to withdraw the current written procedure requesting that the holders of its outstanding senior secured notes with ISIN SE0005936382 (the “Notes”) approve certain amendments to the terms and conditions of the Notes and provide certain waivers in respect of a corporate reorganisation of the Group.

Withdrawal of Written Procedure

Intertrust (Sweden) AB (the “Agent”), acting in its capacity as agent for the holders of the Notes (the “Noteholders”) under the terms and conditions of the Notes (the “Terms and Conditions”), has at the request of the Issuer on 24 November 2016 withdrawn the waiver request which is currently the subject of a written procedure initiated on 31 October 2016 (the “Written Procedure”). Accordingly, any instructions already received, or received in future, either in support or against the request contained in the Written Procedure will be disregarded and the written procedure has henceforth been terminated prior to its conclusion and will be of no effect.

Agreement with majority Noteholders

The rationale for the withdrawal of the Written Procedure is that the Issuer has as of today’s date agreed in principle with a group of Noteholders holding over 50% of the outstanding nominal amount of the Notes (the “Noteholder Committee”) a revised set of amendments to the terms and conditions and the conditions upon which such amendments would become effective (subject to the confirmation of applicable credit committees in certain cases).

The key changes to the original proposal as set out in the notice relating to the Written Procedure include:

1) The amendment of the decrease of the nominal amount of the Notes from a 50% reduction to a 30% reduction.

2) The inclusion of a nine month interest payment holiday, such interest to be capitalised and payable at maturity.

3) Financial covenant set out in Clause 13.1.1 of the Terms and Conditions to be retained but amended to be tested first on 31 December 2017 with an amended threshold set at 30% headroom to management’s base case.

4) Amendment of the call structure to market levels from the initial proposal of 120%.

Revised Written Procedure

Accordingly, the Issuer expects to launch a revised written procedure as soon as the precise details of the new request and amendments to the terms and conditions have been agreed with the Noteholder Committee. The revised written procedure is expected to have the full support of the Noteholder Committee backed by irrevocable undertakings to vote in favour of the revised request (subject to the confirmation of applicable credit committees in certain cases).

For further information:

For further information, enquiries should be directed to:

The Agent:

Intertrust (Sweden) AB

Anna Litewka
Email: [email protected]
Tel: +46 (0)8 402 72 11

The Issuer:

Mobylife Holding A/S

Jakob H. Kraglund, CEO
Email: [email protected]
Tel: +45 2392 3724

Martin Nyberg, CFO
Email: [email protected]
Tel: +45 2929 8200

Catacap Management A/S

Vilhelm Hahn-Petersen, Partner
Email: [email protected]
Tel: +45 2632 6420

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