GJF, GJF02: Amended Tier 1 loan terms
Gjensidige Forsikring ASA and Nordic Trustee AS, on behalf of the bondholders, have entered into an agreement to amend Gjensidige Forsikring ASA’s Tier 1 loan, the perpetual hybrid bond with ISIN NO 0010771546.
The purpose of the amendment is for the loan to continue to qualify as Tier 1 capital in the Solvency II regime, under new regulation which will come into force from 30 June 2020.
The amendment is related to write-down of the loan. The solvency capital margin (SCR) threshold for write down has been set to 100%, and the write down shall be linear such that the entire principal is written off if the SCR margin is equal to or less than 75%. The remaining terms in the loan are unchanged.
Contact persons, Gjensidige Forsikring ASA:
Head of Investor Relations Mitra Hagen Negård. Tel: +47 957 93 631
Head of Communication: Øystein Thoresen. Tel: +47 952 33 382