NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Oslo, October 23, 2017: Scatec Solar ASA (the "Issuer") is inviting the holders (the "Bondholders") of its outstanding NOK 500,000,000 FRN Senior Unsecured Green Bond Issue 2015/2018 (ISIN NO0010752298) (the "Bonds") to approve certain amendments (the "Proposal") to the bond agreement governing the Bonds (the "Bond Agreement") at a bondholders' meeting (the "Bondholders' Meeting"). Concurrently, the Issuer is also announcing that it is soliciting consents through Nordea Bank AB (publ), Filial i Norge and Swedbank Norge, Norwegian Branch of Swedbank AB (publ) (together, the "Solicitation Agents") from Bondholders under a separate process (the "Consent Solicitation"). The Consent Solicitation is subject to the terms and conditions and restrictions set out in the consent solicitation memorandum dated 23 October 2017 (the "Consent Solicitation Memorandum"). Capitalized terms used herein shall have the meaning ascribed to them in the Consent Solicitation Memorandum. Consent Solicitation from Bondholders The Issuer is requesting that Bondholders approve the Proposal in order to permit an early redemption of the Bonds (the "Early Redemption") at a redemption price (the "Early Redemption Price") of 104.25 per cent. of par value (plus accrued interest on the redeemed Bonds) for settlement on a date no earlier than 17 November 2017. A Bondholder who delivers a valid Voting Instruction in favour of the Proposal together with a proof of holding to the Consent Solicitation Paying Agent named below before 12:00 (CET) on 30 October 2017 (the "Early Consent Fee Deadline") will also be eligible to receive an early consent fee of 0.50 per cent in respect of the Bonds for which a vote has been cast (the "Early Consent Fee") and a priority in the allocation of the New Bonds (as described further below). For the avoidance of doubt, the total consideration to such Bondholders who vote in favour of the Proposal before the Early Consent Fee Deadline will be 104.75 per cent of par value. Payment of the Early Consent Fee will take place if the Proposal is passed at the Bondholders' Meeting, the Issuer implements the Early Redemption provision into the Bond Agreement and the issuance of New Bonds has settled or is about to settle. The Bondholders' Meeting will be held at the offices of Nordic Trustee ASA, Haakon VIIs gt 1, 0161 Oslo, 6th floor at 09:00 (CET) on 6 November 2017. Bondholders who vote in person or represented by proxy (other than a Voting Instruction to the Solicitation Agents) at the Bondholders' Meeting or the Repeated Bondholders' Meeting will not be eligible to receive the Early Consent Fee, but all Bondholders will receive the Early Redemption Price if the Early Redemption is completed. Bondholders are advised to read carefully the Consent Solicitation Memorandum for full details of and information on the Early Redemption and the procedures for participating in the Consent Solicitation. The deadline for submission of valid Voting Instructions is before 16:00 (CET) on 2 November 2017 (the "Final Consent Deadline"). Priority in the allocation of the New Bonds The Issuer is contemplating issuing a new bond (the "New Bond Issue") in conjunction with an Early Redemption. A Bondholder that wishes to subscribe for bonds in the New Bond Issue ("New Bonds") in addition to participating in the Consent Solicitation may receive priority in the allocation of the New Bonds (the "New Issue Allocation"). The New Issue Allocation may be given for an aggregate principal amount of New Bonds up to the aggregate principal amount of Bonds subject to a Bondholder's valid Voting Instruction in favour of the Proposal, where an allocation of New Bonds is also requested. Bondholders should contact any of the Solicitation Agents to obtain a unique reference number in respect of the New Issue Allocation.
If any Bondholder wishes to subscribe for New Bonds it must make an application to subscribe for such New Bonds to any of the Joint Lead Managers of the New Bonds. Nordea Bank AB (publ), Filial i Norge and Swedbank Norge, Norwegian Branch of Swedbank AB (publ) act as Joint Lead Managers for the issue of the New Bonds. In order to participate in the Consent Solicitation, investors are requested to submit a Voting Instruction together with a valid proof of holding to the Consent Solicitation Paying Agent. To receive copies of the Consent Solicitation Memorandum or for questions relating to the Consent Solicitation, please contact the Solicitation Agents. Solicitation Agents: Nordea Bank AB (publ), Filial i Norge Tlf.: +45 6161 2996 Email: nordealiabilitymanagement@nordea.com Swedbank Norge, Norwegian Branch of Swedbank AB (publ) Tlf.: +46 8 700 90 22 Email: casper.bangstad@swedbank.se Consent Solicitation Paying Agent: Nordea Bank AB (publ) Email: issuersecustodian@nordea.com About Scatec Solar Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW. Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 WM are under construction.
With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.8 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway. Important Notice The contents of this announcement have been prepared by, and are the sole responsibility of, the Issuer. The Issuer's financial advisors are acting exclusively for the Issuer and no one else, and will not be responsible to anyone other than the Issuer for providing the protections afforded to their respective clients, or for advice in relation to the Proposal or the New Bond Issue (collectively the "Transaction"), the contents of this announcement or any of the matters referred to herein. The Transaction and the distribution of this announcement and other information in connection with the Transaction may be restricted by law in certain jurisdictions. The Issuer assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about, and to observe, any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States or in any other jurisdiction. The Transaction has not been, and will not be, made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. This announcement is not for distribution, directly or indirectly in or into any jurisdiction in which it is unlawful to make any such offer or solicitation to such person or where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the Transaction in any jurisdiction in which such steps would be required. Neither the publication and/or delivery of this announcement shall under any circumstances imply that there has been no change in the affairs of the Issuer or that the information contained herein is correct as of any date subsequent to the earlier of the date hereof and any earlier specified date with respect to such information. This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any bonds in relation to the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account of, U.S. persons (as such term is defined in Regulation S under the US Securities Act), except pursuant to an effective registration statement under, or an exemption from the registration requirements of, the US Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the US Securities Act. There will be no public offer of securities in the United States. This announcement does not constitute an offering circular or prospectus in connection with an offering of securities of the Issuer. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the investor material made available by the Issuer only to qualified persons in certain jurisdictions where an offer may be made (if an offer is made). This announcement does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
