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Today a bondholders meeting was held for the FRN Northern Logistic Property ASA bond loan 2006/2009 with ISIN NO 001 033200.0 issued by Northern Logistic Property ASA. The bondholders meeting resolved that the loan agreement's section 3.5.3 regarding the requirement of minimum working capital of SEK 20 million terminates and that the company shall establish a secured cash account which through nine monthly equal payments from and including 1 February 2009 shall correspond to the loan's par value, conditioned that NOK 15 million is paid in October 2008.
The background for the resolution was a possible uncertainty related to whether the bond loan was to be included in the calculation of the working capital for the loan's last 12 months. To avoid a possible uncertainty, the company suggested an amendment as mentioned above, which the company also considers to be a more adequate regulation towards the loan's due date and which also secures financial flexibility for the company.
About Northern Logistic Property ASA
Northern Logistic Property ASA is a leading pure-play logistic property company based in Northern Europe. The company has a property portfolio consisting of 24 advanced logistic properties located in larger and regional cities in Sweden and Denmark, with a total lettable area of approximately 803,000 sq.m. See also www.nlpasa.com.
For further information:
Per Gunnar Rymer, CEO + 47 907 77 627 email: per.gunnar.rymer@nlpasa.com
