In accordance with clause 18.2 'Bond Defeasance' in the Loan
Agreement for the above mentioned bond issue dated 25 June
2014, Pioneer Public Properties III AS (the Issuer) has
elected to have several obligations discharged by creating a
defeasance pledge. The effect of the discharge is that the
Issuer is released from all its obligations under Clause 13
in the Loan Agreement except for certain reporting
obligations. The defeasance pledge implies that the Issuer
has pledged to the Bond Trustee, for the benefit of the
Bondholders, an amount of cash sufficient to cover the
payment of principal, the premium payable upon exercise of
the Call Option as announced on 23 June 2016 and interest on
the Outstanding Bonds until the settlement date of the Call
Option. The obligations of the Issuer under the Loan
Agreement will be discharged with effect from 1 July 2016.
Contacts:
Pioneer Property Group ASA
Runar Rønningen, CEO
+47 90690038
runar@pioneerproperty.no
Martin P. Hoff, CFO
+47 47214721
martin@pioneerproperty.no