Hoist Kredit receives tenders for €61.6 million, SEK 99 million notes

New York, June 2 – Hoist Kredit AB (publ) received tenders for €61.6 million of its €100 million floating-rate senior notes due 2017 and SEK 99 million of its SEK 1 billion floating-rate senior notes due 2016.

All validly tendered notes were accepted for purchase, according to a news release.

Settlement is planned for June 7.

In addition, noteholder meetings held on Thursday had sufficient attendance to form a quorum, and the proposed amendments to the notes were passed.

Hoist Kredit previously said on May 25 that it had extended the offer to 11 a.m. ET on May 31 from 11 a.m. ET on May 24. It did not change the planned settlement date.

As originally announced on May 16, the company was offering 102.2% of par plus accrued interest for the Swedish krona-denominated notes and 103.3% of par plus accrued interest for the euro-denominated notes.

Holders must tender a minimum of SEK 1 million or €100,000 principal amount of notes.

The company was also soliciting consents from the noteholders to amend some of the note terms and conditions.

Holders who tender will be deemed to have given consents to the proposals, which will allow the company to establish new financing arrangements and to pursue a merger of the company and the parent company, Hoist Finance AB (publ).

Holders who delivered voting instructions in favor of the proposals before the early bird consent fee deadline, 11 a.m. ET on May 24, will receive a fee of 10 cents for the SEK notes or 15 cents for the euro notes.

Holders who delivered voting instructions in favor of the proposals after the early deadline but before 11 a.m. ET on May 31 will receive a fee of 5 cents for both series of notes.

Noteholder meetings took place in Sweden at 4:30 a.m. ET on June 2 for the euro-denominated notes and at 5:30 a.m. ET on June 2 for the krona-denominated notes.

In order for the proposals to be passed at the noteholders’ meetings, quorums of at least 20% of the adjusted nominal amount and majorities of at least 50% of the adjusted nominal amount had to be reached.

The dealer managers and solicitation agents for the tender offer are Credit Suisse (44 20 7883 8763 or liability.management@credit-suisse.com), Danske Bank (46 (0)8 56 88 06 35 or patric.carlsson@danskebank.se) and Nordea Bank Danmark A/S (45 3333 1675, bibi.larsen@nordea.com or LiabilityManagement@nordea.com).

The tender and paying agent is Nordea Bank AB (publ) (IssuerSeCustodian@nordea.com).

Hoist Kredit offers services for the acquisition and management of non-performing unsecured consumer loans. Parent company Hoist Finance is based in Stockholm.

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