Íþaka fasteignir ehf. amends bond terms for new security arrangement
Íþaka fasteignir ehf. has established a new general security arrangement for its ITHAKA 051233 bond series, approved by bondholders in April 2024. The arrangement secures a portfolio of properties for multiple creditors.
Reykjavík, Iceland – Íþaka fasteignir ehf. has updated the terms for its ITHAKA 051233 bond series (ISIN IS0000035764) following a bondholder meeting on April 8, 2024. The meeting approved the establishment of a new general security arrangement.
This arrangement aims to create a comprehensive framework ensuring equal treatment for all creditors under the general security structure. It also establishes a process for creditor decision-making regarding the collateral and its enforcement.
The new framework involves agreements between the issuer, the creditors within the security pool, and a security trustee. Additionally, a creditors' representative will be appointed for bondholders, and a confirmation agent will verify financial conditions.
The bondholder meeting also approved the removal of certain previous terms and their replacement. References to supervisory authorities are replaced with references to the confirmation agent. Investors subscribing to these bonds will automatically accept the terms, including the waiver of certain statutory rights.