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

AINMT Nordic 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

AINMT Scandinavia Holdings AB est une société holding suédoise dont les activités principales incluent l'investissement et la gestion de participations dans des entreprises opérant dans les secteurs de la technologie, des médias et des télécommunications.

L'Obligation émise par AINMT Nordic 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