As outlined in announcement nr. 71 on 27th September 2010 to the OMX Nordic Exchange Copenhagen, it was expected that the Company would not be in a position to fulfil the senior loan requirement regarding the size of the senior loan relative to the market value of the portfolio (loan-to-value), when this was to be established on 28th October 2010. The Company's management has now ascertained that the Company is still in breach of the loan-to-value condition, why it is with regret that we must announce that funds will not be released for the payment of interest on the bonds issued by the Company. The consequence of the above is that the Company cannot make the interest payment due on 31st October 2010. However, the Company will have a continued obligation to the bondholders with respect to the non-payment of interest. Bonds issued by the Company: ISIN: DK0030039300 Nominal Amount (DKK): 740,000,000 As outlined in announcement no. 72 on 13th October 2010 the Company has, from the agent of the Senior Loan, received an extension until 4th November 2010. During this period the Senior Loan cannot be terminated due to non-compliance of the loan-to-value condition. The Company is still in dialogue with the Senior Bank with respect to finding a solution. It is not expected that a final solution will allow for payment of interest to the bondholders whilst the loan is still outstanding. The Special Servicer has an obligation to call a bondholders meeting with no less than 8 days notice, in the event a non-payment of interest lasts more than 8 days post the Due Date. As outlined in announcement no. 71 the Company has, in anticipation of the expected non-payment of interest on the bonds issued by the Company, contacted the Special Servicer with respect to setting a date for a bondholders meeting. A bondholders meeting has therefore been scheduled for 17th November 2010 at 2 pm. At the meeting the Company will give a general presentation of the Company's situation. A formal notice of the bondholders meeting will be published in accordance with the terms of the prospectus. The Board of Directors Please address questions relating to this Notice to Chairman Ole Vagner on telephone +45 40254113 or via e-mail ole@vagner.dk. Further information about Kefren Properties IX AB is available on the Company's website, www.kefren.se.
Kefren Properties IX AB, 556691-4031 (”Company”) - Non-payment of Interest
| Quelle: Kefren Properties IX AB