HSH N Funding II: Participation in losses and non-payment of coupons for HSH Nordbank's hybrid capital
(Thomson Reuters ONE) -
April 15, 2010
HSH N Funding II (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 XS0221141400 listed on Euronext Amsterdam 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:
USD 500,000,000 HSH Nordbank Sphere Securities with the ISIN XS0221141400 listed
on Euronext Amsterdam:
Description of the fiduciary structure:
With the proceeds of the issue of the SPHERE Securities, the Banque de
Luxembourg has, in its own name but at the sole risk and for the sole benefit
and account of the holders of the SPHERE Securities acquired 500,000 Class B
Preference Shares issued by HSH N Funding II (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 AG
(the "Bank") in the form of a Stille Gesellschaft under German law.
The SPHERE Securities are perpetual securities and have no fixed maturity date.
They represent a pro rata interest in the Class B Securities and all payments
actually received by the Fiduciary thereunder. The Fiduciary holds the Class B
Securities in its own name, on a fiduciary basis, but solely at the risk and for
the account of the Securityholders. The SPHERE Securities evidence a fiduciary
contract between the Securityholders and the Fiduciary pursuant to which the
Fiduciary is only obligated to pass on funds to the Securityholders actually
received from the Company under the Class B Securities but has no other payment
obligations to the Securityholders. The amounts of distributions under the Class
B Securities depend, among others, on the profits of the Bank.
Cayman Islands, April 15, 2010
Company: HSH N Funding II
PO Box 309,
Ugland House,
Grand Cayman,
KY1-1104,
Cayman Islands
[HUG#1404241]
Unternehmensinformation / Kurzprofil:
Datum: 15.04.2010 - 17:12 Uhr
Sprache: Deutsch
News-ID 19127
Anzahl Zeichen: 0
contact information:
Town:
Hamburg
Kategorie:
Business News
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