Examples of VPS Bonds in a sentence
The CSD in respect of SEK Bonds, initially being Euroclear, shall perform its obligations as CSD solely in respect of the SEK Bonds and in accordance with the rules and regulations for issuers and issuing agents as regularly applied to it in relation to Swedish bond offerings, and shall, for the avoidance of doubt, have no obligations in respect of the VPS Bonds.
The CSD in respect of the VPS Bonds, initially being VPS, shall perform its obligations as CSD solely in respect of the VPS Bonds and in accordance with the rules and regulations as regularly applied to it in relation to Norwegian bond offerings, and shall, for the avoidance of doubt, have no obligations in respect of the SEK Bonds.
The VPS Bonds will be registered in accordance with the Norwegian Securities Register Act and the relevant CSD Regulations, and the SEK Bonds will be registered in accordance with the Swedish Financial Instruments Accounts Act and the relevant CSD Regulations.
Interest under the VPS Bonds will be paid entirely in kind by way of issuance of additional VPS Bonds in an amount corresponding to the interest payable for the relevant Interest Period (the "PIK Bonds"), with the first interest payment date under the PIK Bonds being 6 March 2022.
Following the approval of the Exchange by the Bondholders in this Written Procedure and the subsequent issuance of the VPS Bonds, the Bonds with ISIN SE0016797625 will be cancelled by the Issuer without further action required by Bondholders.
The terms and conditions of the VPS Bonds will mirror the existing Terms and Conditions with minor amendments to enable the affiliation with Verdipapirsentralen ASA as set out in Schedule 3 (VPS Bond terms and conditions), including adjustments to the wording regulating the calculation of payment of interest in kind.
The nominal amount of VPS Bonds will be adjusted from EUR 40,000,000 to EUR 41,150,000 to reflect the interest accrued during the first Interest Period (from the Issue Date until 6 December 2021) and interest will accrue from 6 December 2021.
As it is not possible to directly transfer the ISIN for the Bonds from Euroclear Sweden AB to Verdipapirsentralen ASA, the change of CSD would instead be effected by issuing new bonds with a new ISIN with Verdipapirsentralen ASA as CSD (the "VPS Bonds") and thereafter carrying out a mandatory exchange of Bonds for VPS Bonds (the "Exchange").