Mare Baltic to partially redeem €170 million class A notes due 2014

By Tali David

Minneapolis, Oct. 17 - Mare Baltic PCC Ltd. announced that it will redeem part of its €170 million ScandiNotes IV class A floating-rate limited recourse senior secured notes due 2014.

Mare Baltic will redeem Kr. 975.66 million of the notes on Nov. 17, according to a company release.

Diba Bank A/S, Djurslands Bank A/S, Nykredit Bank A/S, Sparekassen Sjælland, Sydbank A/S and Spar Nord Bank A/S have exercised their option to redeem the underlying loans.

Mare Baltic is a St. Peter Port, Guernsey-based issuer of notes and investments in subordinated loans.

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