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NLPR - Bond Holders' Meeting For Bond FRN Northern Logistic Property ASA (OSL:NLPR) 2006/2009

Northern Logistic Property ASA (OSL:NLPR) Today a bond holders' meeting for bond FRN Northern Logistic Property ASA 2006/2009 with ISIN NO 001 033200.0 was held. Northern Logistic Property ASA ("NLP") is issuer of the loan of MNOK 360.

The bond holders' meeting has adopted the amendments proposed by the company. The maturity date for a part of the bond loan has been postponed so that final maturity is Q2 2011 from previous full repayment in Q3 2009. NLP will repay 50% of the bond loan December 31 2008 and the remaining loan will be paid off using operational cash flow. The adopted amendments give the company greater financial flexibility and secures financing for ongoing and started projects. The limitations to dividends will be waived as soon as the bonds are repaid. The company has a right to call the bonds.

The bond holders' meeting adopted the following amendments to the bond loan agreement: (i) The provision on building of a debt servicing account as resolved in the bond holders' meeting on 2 October 2008 is set aside, and replaced by 50 % repayment of the outstanding bond debt on 31 December 2008 and 8 instalments of the remaining bonds up until 12 April 2011. The first instalment is in Q2 2009 amounting to MNOK 15 and the second is in Q3 2009 amounting to MNOK 15. Starting Q1 2010, the bond loan is repaid in 6 quarterly instalments of MNOK 25. (ii) NLP is given the right to premature redemption of the bonds (Call) at price 100 % of par value, (iii) The bond interest is amended from 3 months NIBOR + 2.00 % p.a. to 3 months NIBOR + 4.25 p.a., (iv) The dividend covenant is amended to no payment of dividends during the term of the bonds. Reduction of share premium fund, buy back of shares or similar or in other distributions to shareholders are not permitted without full redemption of the bonds. (v) The amount on the debt servicing account, approx. MNOK 15, is released to NLP in connection with the first instalment on 31 December 2008. The security on the debt servicing account is discontinued at the same time.

For further information, contact the Chief Executive Officer Per Gunnar Rymer, mob +47 907 77 627

About Northern Logistic Property ASA

Northern Logistic Property ASA is a leading pure-play logistic property company based in Northern Europe. The portfolio consists of 24 advanced logistic properties located in larger and regional cities in Sweden and Denmark, with a total lettable area of approximately 804,000 sq.m. See also www.nlpasa.com.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

LINK: http://hugin.info/137677/R/1279480/285699.pdf

Northern Logistic Property ASA

http://www.nlpasa.com/

ISIN: NO0010329394

Stock Identifier: XOSL.NLPR

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