Charles Barker Corporate Communications GmbH
Bondholders object to NordLB’s unlawful termination of Fürstenberg notes
Hamburg, March 25, 2021. A group of institutional bondholders (“the group”) represented by Quinn Emanuel Urquhart & Sullivan, LLP, Hamburg, who are holding more than 25 percent of the relevant outstanding Fürstenberg notes, strongly object to Norddeutsche Landesbank’s (“NordLB”, “the bank”) purported exercise of an extraordinary termination of the silent participation agreements underlying the Fürstenberg notes. The Fürstenberg notes (ISIN XS0216072230, ISIN DE000A0EUBN9 and ISIN DE000A0EUB29) have a total nominal value of approx. 400 million Euro. From the perspective of the group and its legal advisors, the attempt to exercise an extraordinary termination of the silent participation agreements underlying the Fürstenberg notes – marketed by NordLB to both retail and institutional investors – is invalid for a number of reasons and could result in significant losses in the hundreds of millions of Euros to holders of the notes.
The group strongly encourages the bank to act in good faith, acknowledge the invalidity of the extraordinary terminations and carefully abide by the terms of the continuing silent participation agreements going forward. Regrettably, the bank has so far refused to constructively engage with the group or their legal advisors. The group is surprised by these actions given the bank would benefit from future access to the international bond and bank capital markets in order to maximize available capital for future dividend distributions to its shareholders. The group reserves all rights to take legal action against NordLB. Press contact Charles Barker Corporate Communications Peter Steiner / Tobias Eberle NordLB-bondholders@charlesbarker.de +49 69 794090-27 / -24 End of Media Release Issuer: Charles Barker Corporate Communications GmbH Key word(s): Finance
25.03.2021 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
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