Arion Bank: Notice to the holders of EUR covered bonds ISIN XS239134874

Notice by Arion Bank HF. (the “Issuer”) to the holders of the €300,000,000 Series 2021-1 Tranche 1 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 consolidated with €200,000,000 Series 2021-1 Tranche 2 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 (ISIN: XS2391348740) (the “Covered Bonds”, and the holders thereof, the “Covered Bondholders”) of the Issuer presently outstanding.

The Issuer has today given a notice of meeting (the “Notice”) in respect of the Covered Bonds to be held from 10 a.m. (London time) via teleconference on 8 March 2024 for the purpose of soliciting consent to modify the final terms of the Covered Bonds through a supplemental agency agreement and the deed of covenant executed by the Issuer on 16 July 2021 in favour of the Covered Bondholders through a supplemental deed of covenant, to give effect to the following:

• the Covered Bonds will no longer be rated by S&P Global Ratings Europe Limited (“S&P”); and
• the covenants relating to the credit ratings provided by S&P in respect of the Covered Bonds or the Issuer shall cease to apply,

all as proposed by the Issuer for approval by extraordinary resolution of the Covered Bondholders, all as further described in the consent solicitation memorandum dated 12 February 2024 and as further set out in the attached Notice.

For any further information please contact:

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Theodór Friðbertsson, Head of Investor Relations at Arion Bank, [e-mail], tel. [phone] or Eirikur Dor Jonsson, Head of Treasury at Arion Bank, [e-mail], tel. [phone]

Attachments

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Arion Bank CB Consent Solicitation Launch Announcement

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