Sachsen LB
SachsenLB: Ad-hoc notification in line with §15 WpHG
Sachsen LB / Statement
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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The ongoing market disruption in selling asset backed commercial papers
resulted in there being doubt on securing funding for the Ormond Quay
conduit supported by Sachsen LB Europe plc with a volume of €17.3 billion.
Sachsen LB Europe plc is a fully owned subsidiary of Sachsen LB. As a
result, the credit standing of Sachsen LB has been called into question.
A pool of the Sparkassen-Finanzgruppe provided a credit facility of €17.3
billion, thus securing liquidity at the Conduit. All repo obligations and
commercial papers issues will thus be fulfilled or redeemed when they fall
due.
The Free State of Saxony has confirmed that the liability of the
guarantor’s obligation in line with the grandfathering regulations agreed
by the EU Commission applies to the obligations of the Sachsen LB Group
resulting from the Ormond Quay structure. For the banks providing the
credit, there is thus no impairment risk.
With the refinancing funds available to it, Sachsen LB is in a position at
all times to fulfil its financing obligations resulting from the other
conduits it supports (Georges Quay, Sachsen Funding).
The credit standing of Sachsen LB is thus given. The conversion of the
refinancing of the Ormond Quay structure will negatively impact the Sachsen
LB annual result.
Contact:
Dr. Frank Steinmeyer
Sachsen LB
Landesbank Sachsen Girozentrale
Humboldtstrasse 25
D-04105 Leipzig
Tel. + 49 341 9791120
Fax. + 49 341 9791109
kommunikation@sachsenlb.de
DGAP 17.08.2007
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Language: English
Issuer: Sachsen LB
Humboldtstraße 25
04105 Leipzig
Deutschland
Phone: + 49 341 9791190
Fax: + 49 341 9791199
E-mail: compliance@sachsenlb.de
Internet: www.sachsenlb.de
ISIN: –
WKN: –
Indices:
Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr
in Hamburg, Stuttgart
End of News DGAP News-Service
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