DGAP-News: HSH N Funding I: Participation in losses and non-payment of coupons for HSH Nordbank's hybrid capital
(firmenpresse) - HSH N Funding I / Payout/Miscellaneous
15.04.2010 16:46
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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April 15, 2010
HSH N Funding I (the Company) announces the following:
The Company was informed by HSH Nordbank AG, Hamburg and Kiel (the bank),
that the bank reported a balance sheet loss and a net loss for 2009
business year. This means that the bank will not make any coupon payments
on hybrid instruments for the fiscal year 2009. Furthermore, such
instruments will participate in the balance sheet loss or net loss for the
fiscal year 2009.
For the instruments issued on a fiduciary basis by Banque de Luxembourg
with ISIN XS0142391894 listed on Luxembourg Stock Exchange which are based
on a silent participation. This means that no coupon payment will be made
for the profit period 2009 and that these instruments will participate in a
balance sheet loss for the fiscal year 2009 via the silent participation.
The book value of the silent participation was reduced by 16.401 percent to
83.599 percent.
The following instrument issued on a fiduciary basis by Banque de
Luxembourg is affected:
EUR 500,000,000 HSH Nordbank Sparc Securities with the ISIN XS0142391894
listed on Luxembourg Stock Exchange:
Description of the fiduciary structure:
With the proceeds of the issue of the SPARC Securities, the Fiduciary has,
in its own name but at the sole risk of the holders of the SPARC
Securities, acquired 500,000 Class B Preference Shares issued by HSH N
Funding I (formerly LB Kiel Funding I, the 'Company'). With the proceeds
of the issue of the Class B Securities, the Company acquired a silent
participation in the commercial enterprise (Handelsgewerbe) of HSH Nordbank
(formerly Landesbank Schleswig-Holstein Girozentrale) in the form of a
Stille Gesellschaft.
The SPARC Securities represent a pro rata interest in the Class B
Securities (prior to redemption thereof) and (after such redemption), the
Silent Participation and all payments received by the Fiduciary thereunder.
Redemption of the Class B Securities will, unless the Silent Participation
has been repaid, occur by way of a transfer ('Transfer') of the Company's
rights under the Participation Agreement to the Fiduciary. The Fiduciary
holds (prior to Transfer) the Class B Securities and (after Transfer) the
Silent Participation in its own name, on a fiduciary basis, but solely at
the risk and for the account of the Securityholders. The SPARC Securities
evidence the existence of fiduciary contracts between the Securityholders
and the Fiduciary, the terms of which Securityholders are deemed to have
acknowledged and agreed by accepting SPARC Securities and pursuant to which
the Fiduciary is only obliged to pass on funds actually received from the
Company (under the Class B Securities prior to Transfer) or HSH Nordbank
(under the Participation Agreement after Transfer) to the Securityholders
but has no other payment obligations to the Securityholders. The amounts of
distributions under the Class B Securities and the Participation Agreement
depend on the profits of HSH Nordbank.
Cayman Islands, April 15, 2010
Company: HSH N Funding I
P.O. Box 309,
Ugland House,
Grand Cayman,
KY1-1104,
Cayman Islands
15.04.2010 16:46 Adhoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 15.04.2010 - 16:46 Uhr
Sprache: Deutsch
News-ID 19117
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Kategorie:
Business News
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