To the bondholders in the Det norske oljeselskap ASA 13/20 FRN (ISIN NO 001068414.5) (the “Bond Issue”) issued by Aker BP ASA (the “Issuer”) pursuant to the bond agreement dated originally dated 1 July 2013 and as amended and restated from time to time (the “Bond Agreement”)
All capitalized terms used herein shall have the meaning assigned to them in the Bond Agreement.
On 17 February 2017 (the “Distribution Event Date”), the Issuer made a distribution to its shareholders in the aggregate amount of NOK 524,175,000. This notice constitutes a Distribution Event Notice.
The Leverage Ratio as shown in the latest Compliance Certificate is 1.62x.
The maximum aggregated number of Bonds to be repurchased by the Issuer is equal to 524,175,000 divided by the Face Value, being 524,175,000 (the “Distribution Put Bonds”).
Each Bondholder may require the Issuer to acquire Bonds at a price of 107% of par plus accrued interest, up to its pro rata share of 524,175,000, based on the proportion that such Bondholder’s holding of Bonds as of the Distribution Event Date (less Bonds owned directly by the Issuer) bear to the Distribution Put Bonds. The Issuer currently owns 3,500,000 Bonds.
The Distribution Put Option must be exercised by each Bondholder within 3 March 2017.
Detailed information on how to exercise the Distribution Put Option, including each Bondholder’s pro rata proportion of the Distribution Put Bonds, will promptly be forwarded to all Bondholders as registered in the Securities Depository (VPS) through the systems of VPS (the “VPS Notice”).
Bondholders (as registered directly in VPS) who do not receive a VPS Notice may contact the Bond Trustee at firstname.lastname@example.org to receive a copy of its VPS Notice.