Icelandair Group hf. convenes bondholders meeting for bond category ICEAIR 15 1

The only agenda of the meeting is to decide on a change of the bond's terms & conditions which will grant a temporary waiver until November 30 th  2018 for certain financial covenants of the bond. The bond contains the following acceleration clause: “In case of a breach of these covenants or...

The only agenda of the meeting is to decide on a change of the bond's terms & conditions which will grant a temporary waiver until November 30^th 2018 for certain financial covenants of the bond. The bond contains the following acceleration clause: “In case of a breach of these covenants or other terms of the bond may be accelerated by bondholders.”

It is suggested that the clause will be amended as follows: “In case of a breach of these covenants or other terms of the bond may be accelerated by bondholders. However, right to acceleration due to a breach of financial covenants on September 30^th 2018 regarding gross leverage and gross leverage II will become applicable on November 30^th 2018 if these covenants have not been fulfilled by that time.”

The voting rights will be in accordance with a list of bondholders today on November 7^th 2018. The approval of 85% of the bondholders is necessary to amend the terms & conditions and additionally the issuer's approval is needed. In accordance with the terms of the bonds regarding information, the issuer will announce any changes of the terms & conditions of the bond through the NASDAQ OMX Iceland Stock Exchange.

The bondholder's meeting will be open for registration from 4:15 pm.

Further information:
Bogi Nils Bogason, Interim President & CEO
[email protected]
+354 5050300