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Notification of Extension SBT Properties AB (publ)

8 November 2019

SBT Properties AB (publ) (”the Issuer”) has issued Bonds at a nominal value of up to SEK 200 000 000 or its equivalent in EUR or NOK and with ISIN: SE0011256296 (SEK Bond), NO0010823628 (NOK Bond) and SE0011256304 (EUR Bond).

The Final Redemption date of the Bonds is on the 29 November 2019. The Final Redemption Date can be extended with six (6) months in accordance with section 11.2 (a) of the Terms and Conditions.

The Issuer requests that the Final Redemption Date of the Bonds shall be extended with six (6) months which will make the 29 May 2020 a new Final Redemption Date. The Issuer shall therefore redeem the Bonds on the 29 May 2020 with an amount per Bond equal to the Nominal Amount and the accrued but unpaid interest.

The reason for this relates to their largest project at Danaplatsen which has been delayed and is behind schedule. The initial plan was to complete the project within 18 months. The major factor behind the delay is that the building permit was approved nearly one year later than expected.

The building permit has now been approved but the Group will not be able to finish the project within the time frame of the bond. Currently, SBT is seeking an alternative option to fulfill their obligations towards bondholders. Options explored among others are; refinancing, forward funding, and selling of the project in its current state.

SBT has signed an agreement with Newsec to sell the project and are holding discussions with several potential buyers. SBT and its owner are determined to meet their obligations towards bondholders within the time frame of the bond, including the extension period.

Fur further information, please contact:
Intertrust (Sweden) AB
Contact: Beatrice Gustafsson
Phone: +46 70 141 10 82
Mail: [email protected]

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