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ScandiNotes® II

ScandiNotes® II is a static true sale Collateralized Loan Obligation (CLO), based on 11 subordinated term loans to regional Danish financial institutions with a legal maturity of 8 years and an expected maturity of 5 years. A step-up margin is added after year five.

ScandiNotes® II is listed on the Copenhagen Stock Exchange and include two loan series: Senior and junior. The senior tranche is floating rate with quarterly interest payments, while the junior tranche is a fixed coupon rate note.

The senior tranche makes up about 84.5% of the value of the total issue and is senior to the junior tranche, which makes up the next 15.5%.

The total issue size is approximately EUR 116 million, or approximately DKK 862 million (exchange rate: 7.46), and is divided in two tranches:

• ScandiNotes® II Senior 2009/2012, DKK 728.4 million; fixed rate 3 %, initial rating A2
• ScandiNotes® II Junior 2009/2012, DKK 133.6 million; fixed rate 3 %, not rated

The notes are issued by Mare Baltic PCC Ltd, which is a Guernsey-based SPV with a protected cell company structure which has bankruptcy remote cells, thus isolating each cells’ creditor claims to the individual cells.