International Courant
The article continues beneath the commercial
It was a full-blown disaster for the homeowners of the Oslo central Telegraaf constructing. The constructing was bought three years in the past by an investor group beneath the auspices of actual property company Arctic Securities. The transaction price the property NOK 2.25 billion.
The central difficulty is a bond mortgage of NOK 1.6 billion, which shall be repaid inside two months. The mortgage couldn’t be refinanced after the brutal rate of interest improve, which created a fantastic want for fairness.
Two weeks in the past, Arctic Securities wrote that it could tentatively accumulate NOK 580 million, together with charges. On the identical time, work was underway on a attainable sale of the property, with the intention that the homeowners might select between a difficulty and a sale.
The homeowners will most likely get that choice subsequent Friday.
The charges are adjusted downwards
In an info letter despatched to prospects on Monday, Arctic wrote that the capital improve is roofed, after the quantity was decreased from NOK 580 to NOK 520 million. It occurs after DN wrote on Monday that a suggestion had been made for the property.
The article continues beneath the commercialInitially, the capital improve required a complete consideration of NOK 53 million, of which NOK 34.5 million would accrue to Arctic. Now the compensation is decreased by a complete of 28.9 million.
The compensation for Arctic Securities shall be decreased from NOK 34.5 million to NOK 15.75 million. The compensation to the group that assured the capital improve shall be decreased from 10.15 million to zero. It’s not recognized who the guarantors have been.As well as, NOK ten million shall be used from present working capital as a substitute of acquiring further working capital. This produces a web impact of NOK 25.6 million.
The provide
On Monday afternoon, DN wrote that a suggestion of NOK 10,000 per share had been obtained for high firm Telegraven Make investments. For comparability, the capital improve takes place at a charge of NOK 2,000 per share.
The provide values the fairness at NOK 100 million, which was 86 p.c decrease than the contributed fairness of NOK 726 million. The provide requires an acceptance charge of 90 p.c.
The data letter mentioning the provide, dated October 20, states that the board of Telegraaf Make investments and Arctic have beneficial the provide. It’s not recognized who the bidder is, he want to stay nameless. Nonetheless, Arctic should know the bidder properly.
In keeping with what DN has heard, readability will come on Friday and will probably be the shareholders who will determine whether or not there shall be a sale or difficulty.
Arctic co-owner Trond Mohn and his basis are the most important proprietor of Telegraaf with 25 p.c of the shares. The opposite shareholders – there are simply over 150 – every personal lower than 5 p.c.(Circumstances)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our instances through hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by regulation. For additional situations see right here.
Arctic Securities has secured financing for the disaster venture – charges shall be decreased by 29 million
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