Ålandsbanken Abp Initiates an Important Noteholder Procedure

Ålandsbanken Abp Consent Solicitation Overview

Ålandsbanken Abp has recently announced an important initiative aimed at its outstanding Tier 2 notes. This action pertains to two specific sets of notes: the SEK 200,000,000 Floating Rate Callable Tier 2 Notes due March 2043 and the SEK 150,000,000 Green Floating Rate Tier 2 Notes due December 2041. By actively engaging noteholders, Ålandsbanken seeks to amend terms related to these financial instruments.

Details of the Consent Solicitation

The consent solicitation process started under the banner of Ålandsbanken’s existing Medium Term Note, Covered Bond, Tier 2 Note, and AT1 Note Programme. This voluntary procedure invites noteholders to vote on a Proposal that aims to remove specific write-down mechanisms that are currently part of the notes' terms. This change is intended to align with recent regulatory updates, ensuring that the bank remains compliant with evolving financial norms.

Procedures in Writing for Noteholders

As part of this consent solicitation, noteholders are encouraged to participate through a structured process called Procedures in Writing. Through this mechanism, they may express their support or opposition to the Proposal. The responsibility for overseeing this process has been assigned to Nordea Bank Abp, which acts as the Solicitation and Tabulation Agent. Additionally, Nordic Trustee & Agency AB has been appointed to verify the outcomes of the voting.

Incentives for Participation

To motivate participation, Ålandsbanken is offering a Consent Fee of 0.10 percent of the total nominal amount for which each noteholder votes. Noteholders need to express their vote by the Early Deadline, set for the end of September. This financial incentive highlights Ålandsbanken’s commitment to involving its investors in crucial decision-making processes that impact their investments.

Participant Eligibility and Timeline

To ensure eligibility, participants must be recognized as noteholders by a specific Record Date. This stipulation means that investors must hold the notes through a securities account with Euroclear Sweden AB, either as direct registered owners or through an authorized nominee. The timeline is precise, with voting requiring completion by the Early Deadline to qualify for the Consent Fee. The final results of the voting procedure are expected to be announced shortly after the voting deadlines.

Communicating with Ålandsbanken

For those interested in participating in the consent solicitation, Ålandsbanken has provided clear guidelines on how to proceed. Interested noteholders can reach out to the designated contact points for additional information or clarification regarding the voting process and any necessary documentation.

Frequently Asked Questions

What is the purpose of the consent solicitation by Ålandsbanken?

The consent solicitation aims to seek noteholders' approval for amendments related to write-down mechanisms in the terms and conditions of the existing Tier 2 Notes.

How can noteholders participate in the voting process?

Noteholders can participate by submitting their votes using the voting form provided in the Notices of Procedure in Writing within the specified deadlines.

What is the amount of the Consent Fee offered by Ålandsbanken?

Ålandsbanken is offering a Consent Fee of 0.10 percent of the noteholders' total nominal amount for voting participation.

Who is responsible for overseeing the consent solicitation process?

Nordea Bank Abp serves as the Solicitation and Tabulation Agent responsible for managing the consent solicitation and confirming the results.

When are the voting deadlines for this process?

The Early Deadline for voting participation is set for the end of September, with final submissions needed by early October for consideration.

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