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Scandinavian Airlines System DENMARK NORWAY SWEDEN Sfr.200,000,000 53/4% Subordinated Bonds 1986Ff

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Scandinavian Airlines System DENMARK NORWAY SWEDEN Sfr.200,000,000 53/4% Subordinated Bonds 1986Ff PROSPECTUS dated 6 December, 1985 m iS M Scandinavian Airlines System DENMARK NORWAY SWEDEN SFr.200,000,000 53/4% Subordinated Bonds 1986ff Denominations: SFr.5,000 and SFr.100,000. Issue Price: 100% ( + 0.30% tax on negotiation of securities). Maturity: At the latest two days after the resolution of the liquidation of Scandinavian Airlines System. Interest: 53A%, payable annually in arrears on 14 January of each year, beginning on 14 January, 1987 and until and including 14 January, 1996. For subsequent ten year periods the interest will be based on the arithmetical mean of the Swiss Bank Corporation’s Index of the overall yield to maturity of foreign bonds on the Swiss stock exchanges and the new foreign Bond Issue Index (other than States or Provinces) of Pictet & Cie., Geneva, rounded up if necessary to the nearest Vs% (see page 3). Optional Redemptioni for the Issuer: On the 5th anniversary of the payment date and on the 5th anniversary following each interest refixing date thereafter at 102.5%. On each interest refixing date at par. For tax reasons at any time following the first interest payment at par. Settlement Date: 14 January, 1986 Delivery of Bonds: As soon as possible. The Institutions named below have purchased these Bonds and offer them for public subscription until 10 December, 1985, noon. Citicorp Bank (Switzerland) Kredietbank (Suisse) S.A. Nordfinanz-Bank Zürich Clariden Bank Banque Scandinave en Suisse Lloyds Bank International Ltd. Amro Bank und Finanz Banque CIAL (Schweiz) — Crédit Industriel d’Alsace et de Lorraine AG — Banca del Gottardo Armand von Ernst & Cie. AG Bank Heusser & Cie. AG Banco di Roma per la Svizzera Bank in Liechtenstein Aktiengesellschaft Banque Générale du Luxembourg Banque Kleinwort Benson SA (Suisse) S.A. Manufacturers Hanover (Suisse) S.A. Banque Indosuez, Succursales de Suisse Morgan Guaranty (Switzerland) Ltd. Banque Morgan Grenfell en Suisse S.A. Soditic S.A. Caisse d’Epargne du Valais Chase Manhattan Bank (Switzerland) Fuji Bank (Schweiz) AG Chemical Bank (Suisse) Gewerbebank Baden Credit Lyonnais Finanz AG Zürich Handelsfinanz Midland Bank First Chicago S.A. Hypothekar- und Handelsbank Nomura (Switzerland) Ltd. Winterthur The Royal Bank of Canada (Suisse) Maerki, Baumann & Co. AG Wirtschafts- und Privatbank Sparkasse Schwyz Val. no. 612.525 Based on a decision passed by the Board of Directors of SCANDINAVIAN AIRLINES SYSTEM Denmark-Norway-Sweden (“SAS”), dated 24 October, 1985 and pursuant to a Public Subordinated Bond Issue Agreement dated as of 5 December, 1985, (the “Agreement”), with Citicorp Bank (Switzerland), Geneva, (“CIBS”) and Kredietbank (Suisse) S.A., Geneva, and a consortium of banks (hereinafter altogether referred to as the “Banks”), SAS (the “Consortium”) undertakes to offer a public issue of its 53A per cent. Subordinated Bonds 1986 (the “Bonds”) in the aggregate amount of SFr. 200,000,000. The Bonds have not been and will not be registered under the United States Securities Act of 1933 (the “Securities Act”) and may during the period of public subscription not be offered or sold, directly or indirectly, in the United States or to any U.S. person, as part of the distribution of the Bonds. Offers and sales of Bonds in the United States or to U.S. persons would constitute a violiation of United States law unless made in compliance with the registration requirements of the Securities Act or pursuant to an exemption therefrom. As used herein, “United States” means the United States of America, its territories and possessions, and all areas subject to its jurisdiction and “U.S. person” means a citizen or resident of the United States, a corporation, partnership or other entity created or organised under the laws of the United States or any political subdivision thereof and any estate or trust which is subject to United States federal income taxation regardless of the source of its income. U.S. persons holding the Bonds will be subJect to limitations under the United States income tax laws, including limitations provided in Sections 165(j) and 1287(a) of the United States Internal Revenue Code of 1954, as amended. Payment of interest and principal, plus premium (if any), shall be made in freely convertible Swiss francs without deduction of any taxes, imposts or duties, present or future, which are required to be withheld at source by the Consortium, which are levied or imposed to be levied in Denmark, Norway or Sweden, or any political sub-division of or taxing authority of or within Denmark, Norway or Sweden, to the extent provided in the Bonds. TABLE OF CONTENTS Page Terms and Conditions of the Bonds 3 Use of Proceeds 10 Introduction 11 History, Legal Structure, Duration and ObJectives 11 Governmental Relations 12 Description of Constituent Companies 12 Registered and Principal Offices 13 Organisation 14 The Airline 14 Commercial Division 14 Traffic Services Division 15 Operations Division 15 Technical Division 15 Business Services Division 15 Data Services Division 15 Other Units 15 Business 16 Regulations and Tariffs 16 Aircraft Fleet 16 Ground Facilities 17 Personnel 17 The Consortium’s Holdings of Stocks and Participations (30 September, 1984) 18 Unaudited: The Consortium’s Holdings of Stocks and Participations (30 September, 1985) 19 Executive Bodies and Management 20 Preliminary Results and Comments for the Financial Year 1 October 1984-30 September 1985 21 Financial Data 23 Capitalisation (Unaudited) 23 Long-term debt of SAS (Unaudited) 23 Debt Service (Unaudited) 24 Long-term debt of Consolidated Subsidiaries 24 Consolidated Statement of Income 25 Consortium: Statement of Income 26 Consolidated Balance Sheet 27 Consortium: Balance Sheet 29 Notes to the Financial Statements 31 Statements of Changes in Financial Position 39 Opinion of Independent Public Accountants 40 Unaudited Consolidated Interim Statement of Income 1 October 1984 - 30 June 1985 41 Consortium: Unaudited Interim Statement of Income 1 October 1984 - 30 June 1985 42 Unaudited Consolidated Interim Balance Sheet as at 30 June 1985 43 Consortium: Unaudited Interim Balance Sheet as at 30 June 1985 45 TERMS OF THE BONDS The terms of the Bonds, which shall be an integral part of the Agreement and which govern the Bonds are the following (hereinafter called the “Terms of the Bonds”): 1. Form and Denomination The Bonds will be issued in bearer form in the denominations of Swiss Francs 5,000.— and Swiss Francs 100,000.— nominal amount each. 2. Interest 2.1. The Bonds will bear interest from 14 January, 1986 (the “Closing Date”) at a fixed rate (the “Interest Rate”) payable annually in arrears on 14 January of each year (the “Coupon Date”). The first payment shall be made on 14 January, 1987. The Interest Rate for the first ten years shall be 53A per cent, and thereafter an Interest Rate will be fixed for each subsequent period of ten years on each tenth business day prior to each tenth anniversary of the Closing Date (the “Interest Determination Date”). 2.2. On each “Interest Determination Date” Citicorp Bank (Switzerland) (hereinafter called “CIBS” and the expression CIBS shall also mean in the event of its incapacity any other appointed principal paying agent (Section 6.2 hereof)) shall determine the annual Interest Rate for the subsequent ten year period. The Interest Rate shall be the arithmetic mean of the SBC-Foreign Bond Index and the Pictet-new foreign Bond Issue Index (rounded upwards if necessary to the nearest Vs per cent.) provided that such index is not older than two weeks on the relevant Interest Determination Date. “SBC-Foreign Bond Index” means the overall yield to maturity of bonds issued by non resident borrowers (Gesamtrendite) determined by Swiss Bank Corporation, Basle, Switzerland, as presently published in the newspaper Finanz und Wirtschaft, Zurich; “Pictet-new foreign Bond Issue Index” means the yield of new foreign bond issues other than of states and provinces as determined and published by Pictet & Cie., Geneva, Switzerland. 2.3. If on any Interest Determination Date only one of the indices is ascertainable (for any reason whatsoever including that only one of the indices is published in the relevant period or that the Principal Paying Agent for the time being determines, in consultation with SAS but in its absolute discretion that the composite factors of one of the indices have been substantially changed so that they are not any longer comparable to the former composition factors), then the Interest Rate shall be equal to the index ascertainable (rounded upwards if necessary to the nearest Vs per cent.). 2.4. If on any Interest Determination Date none of the indices are ascertainable (for any reason whatsoever as determined in consultation with SAS but in its sole discretion by the Principal Paying Agent), then the applicable Rate of Interest for the next ten year period shall be determined by CIBS as being the Reserve Interest Index. The “Reserve Interest Index” shall correspond to the average yield to maturity plus a margin of Vs per cent, (rounded upwards if necessary to the nearest Vs per cent.) of all, to be at least a maJor number of issues as determined by CIBS, Swiss Franc bonds issued by non Swiss residents and listed on the stock exchanges of Zurich, Basle and Geneva determined as of the last common trading day at all of the stock exchanges in the week prior to the relevant Interest Determination Date. If no paid price is available for any bond listed, then the bid price is to be used in such calculation. 2.5. If on any Interest Determination Date a Reserve Interest Index is not ascertainable SAS and CIBS shall determine the applicable Rate of Interest for the next ten years by agreement whereby the Rate of Interest shall not be less than the average yield to maturity of the outstanding public issues of the Swiss Federal Government (rounded upwards if necessary to the nearest Vs per cent.) plus a margin of one per cent.
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