Issues

SCL

The closing portfolio

  • The Portfolio consists of over 18,000 unsecured loans to private individuals in Sweden
  • Total loan amount SEK 1,552,865,250
  • Average loan size SEK 85,400

SCL (No. 1) was called by the issuer on the first step-up and call date 15 June 2011

Securitised Notes

Notes S&P/Moody´s Initial Principal Amount Interest until the
Step-Up Date
Final Redemption Date
Class A AAA/Aaa EUR117,750,000 (70%) 1M EURIBOR+0.14% June 2025
Class B AA/Aa2 EUR13,450,000   (8%) 1M EURIBOR+0.33% June 2025
Class C A/A2 EUR5,850,000    (3.5%) 1M EURIBOR+0.58% June 2025
Class D BBB/Baa2 EUR31,100,000   (18.5%) 1M EURIBOR+0.88% June 2025
Class E BB/NR EUR7,550,000     (4.5%) 1M EURIBOR+3.00% June 2025
Structure details

Summary Terms and Conditions

The following is a limited summary of the terms and conditions of the notes issued by scandinavian consumer loans limited. It is provided for information purposes only and is not intended to be exhaustive (for further information see the offering circular). It does not constitute an offer or the solicitation of any offer of sale of the notes and should not be relied upon in making any investment decision.
Neither Scandinavian Consumer Loans ltd, nor Nordax Bank AB (publ) or any of its affiliates is liable to any person in any way for any damage or loss whatsoever arising out of the use of any information contained in this part of the website.

Note and Rating Issue Amount Type and Expected Maturity

Final Maturity, Coupon Step-up Date

Principal Window

Class A
AAA/Aaa

€ 117.75 m
(70.0%)

FRN
5 yrs

June 2025
June 2011

Target Amortization

Class B
AA/Aa2

€ 13.45 m
(8.0%)

FRN
5 yrs

June 2025
June 2011

Pass Through

Class C
A/A2

€ 5.85 m
(3.5%)

FRN
5 yrs

June 2025
June 2011

Pass Through

Class D
BBB/Baa2

€ 31.10 m
(18.5%)

FRN
5 yrs

June 2025
June 2011

Pass Through

Class E
BB/NR

€ 7.55 m
(4.5%)

FRN
5 yrs

June 2025
June 2011

Target Amortization

 

 

Issuer Scandinavian Consumer Loans Limited
Issue Size EUR 175,700,000
Collateral Unsecured consumer loans to Swedish residents
Closing Date July 6th, 2006
Revolving Period End Date 7th Stockholm business day in June 2011
Step-up Date The Interest Payment Date falling in June 2011
Final Maturity Date The Interest Payment Date falling in June 2025
Originator Nordax Bank AB (publ)
Servicer Nordax Bank AB (publ)
Lead Manager Citigroup Global Markets Limited
Co-Manager Barclays Capital
Subordination Class E is subordinated to Classes A, B, C and D; Class D is subordinated to Classes A, B and C; Class C is subordinated to Classes A and B; Class B is subordinated to Class A.
Note Interest Payable monthly in arrears and set at one month EURIBOR plus the relevant margin. If the Notes are not redeemed at the Step-up Date, the coupon for each class will be set at one month EURIBOR plus the relevant step-up margin from and including the Step-up Date.
Day Count Convention Actual/360
Interest Payment Dates 15th Stockholm, London, Dublin and TARGET business day of each month.
Portfolio Replenishment and Principal Retention

To the extent principal received in each month (from and including the Closing Date to and including the Revolving Period End Date) is greater than the principal required to amortize Class A Notes down to the Target Remaining Amount (as set out in the Offering Circular) on each Interest Payment Date, such surplus principal will either (a) be used to purchase additional loans from Nordax Bank AB (publ)/SCL no.3, or (b) be retained by the Issuer up to a maximum cumulative amount of SEK 10,000,000.
Any surplus principal still remaining thereafter will be used to further redeem the Notes of each class.

Note Principal From and including the Closing Date to and including the Revolving Period End Date, payments of principal on the Class A Notes and the Class E Notes will be subject to scheduled redemption in part on each Interest Payment Date such that the principal amount outstanding in respect of the relevant Class of Notes after such redemption is not greater than the relevant Target Remaining Amount for such Interest Payment Date.
Optional Redemption The Issuer may, provided that it has satisfied the Note Trustee that it has sufficient funds available, redeem all (but not some only) of the Notes at their then principal amount outstanding plus accrued interest on the Step-Up Date or on any Interest Payment Date there after or on any Interest Payment Date subject to certain circumstances as set out in the Offering Circular (e.g. any withholding tax is imposed in respect of the Notes or the aggregate principal amount outstanding of the Notes is less than 10 per cent of the aggregate principal amount outstanding of the Notes as at the Closing Date.)
Listing Irish Stock Exchange
Offering Circular

Disclaimer

Please read carefully the terms and conditions set out below. If you access this part of the website or any of the information it contains, you agree to be bound by the terms and conditions set out below. If you do not agree to the terms and conditions, do not access this part of the website or any of its information.

The following materials relating to Scandinavian Consumer Loans Limited shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. These materials are not directed at or accessible by persons located in any jurisdiction where the offer of sale of securities is not permitted.

The information contained in the following materials is only current at the date of the relevant material, or as stated in the relevant material and will not be updated.

The information contained on this section of Nordax website and access to the following material through this part of the website is provided for information and reference purposes only. It does not constitute an offer or the solicitation of any offer of sale of the Notes issued by Scandinavian Consumer Loans Limited and should not be relied upon in making any investment decision.

The following materials do not constitute or form part of an offer or solicitation to purchase or subscribe for notes in the United States. The Notes may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, or any securities laws of any state in the United States. The Notes are being offered and sold only outside the United States to persons other than U.S. Persons (“non-U.S. purchasers”, which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)) in reliance upon Regulation S under the Securities Act (“Regulation S”). As used herein, the terms “United States” and “U.S. person” have the meanings as given to them in Rule 902 of Regulation S under the Securities Act. Copies of the following materials are not to be made and may not be distributed or sent into the United States or to any other jurisdiction in which such distribution would be unlawful.

Neither Scandinavian Consumer Loans Limited, nor Nordax Bank AB (publ) or any of its affiliates shall be liable to any person in any way for any damage or loss whatsoever arising out of the use of any information contained in this part of the website.

The distribution of the information or material on this part of the website may be restricted by local law or regulation.

 

Documents

SCL - Offering Circular

Announcement

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SCL II

The closing portfolio

  • The Portfolio consists of nearly 10,000 unsecured loans to private individuals in Norway
  • Total loan amount NOK 1,168,000,000
  • Average loan size NOK 128,838

SCL II was called by the issuer on the first step-up and call date 15 August 2016.

Securitised notes

Notes  Fitch/S&P
Ratings
Initial Principal
Amount
% Interest until the
Step-Up Date
Final Redemption
Date
Class A  AAA(sf) NOK490,500,000 42% 1M NIBOR+3% Oct 2026
Class B AA(sf) NOK222,000,000 19% 1M NIBOR+4% Oct 2026
Class C A(sf) NOK163,500,000 14% 1M NIBOR+5% Oct 2026
Class D BBB(sf) NOK105,000,000 9% 1M NIBOR+4% Oct 2026
Class E N/A NOK187,000,000 16% 1M NIBOR+4% Oct 2026
Offering Circular

Disclaimer

Please read carefully the terms and conditions set out below. If you access this part of the website or any of the information it contains, you agree to be bound by the terms and conditions set out below. If you do not agree to the terms and conditions, do not access this part of the website or any of its information.

The following materials relating to Scandinavian Consumer Loans No. II shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. These materials are not directed at or accessible by persons located in any jurisdiction where the offer of sale of securities is not permitted.

The information contained in the following materials is only current at the date of the relevant material, or as stated in the relevant material and will not be updated.

The information contained on this section of Nordax website and access to the following material through this part of the website is provided for information and reference purposes only. It does not constitute an offer or the solicitation of any offer of sale of the Notes issued by Scandinavian Consumer Loans No. II (Nordax Nordic AB (publ)) and should not be relied upon in making any investment decision.

The following materials do not constitute or form part of an offer or solicitation to purchase or subscribe for notes in the United States. The Notes may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, or any securities laws of any state in the United States. The Notes are being offered and sold only outside the United States to persons other than U.S. Persons (“non-U.S. purchasers”, which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)) in reliance upon Regulation S under the Securities Act (“Regulation S”). As used herein, the terms “United States” and “U.S. person” have the meanings as given to them in Rule 902 of Regulation S under the Securities Act. Copies of the following materials are not to be made and may not be distributed or sent into the United States or to any other jurisdiction in which such distribution would be unlawful.

Neither Scandinavian Consumer Loans No. II (Nordax Nordic AB (publ)), nor Nordax Bank AB (publ) or any of its affiliates shall be liable to any person in any way for any damage or loss whatsoever arising out of the use of any information contained in this part of the website.

The distribution of the information or material on this part of the website may be restricted by local law or regulation.

 

Documents

SCL II OFFERING CIRCULAR

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SCL III

The closing portfolio

  • The Portfolio consists of over 18,500 unsecured loans to private individuals in Sweden.
  • Total loan amount SEK 2,099,000,000.
  • Average loan size SEK 112,423.

SCL III was called by the issuer on the first step-up and call date 15 December 2015.

Securitised Notes

Notes Fitch/S&P
Ratings
Initial Principal
Amount
% Interest until the 
Step-Up Date
Final Redemption
Date
Class A AAAsf/AAA(sf) SEK1,080,000,000 56% 1M STIBOR+3.5% Jan 2033
Class B AAsf/AA(sf) SEK96,000,000 5% 1M STIBOR+4.9% Jan 2033
Class C Asf/A(sf) SEK193,000,000 10% 1M STIBOR+5% Jan 2033
Class D  NR/NR SEK559,000,000 29%  1M STIBOR+5% Jan 2033
New Issue Announcement

Securitised Notes

REG S ONLY - NOT FOR DISTRIBUTION TO INVESTORS IN THE US
NEW ISSUE: SCANDINAVIAN CONSUMER LOANS III

SELLER & ORIGINATOR: Nordax Bank AB ("Nordax")
SOLE ARRANGER: Citi
JT-LEAD MANAGERS: Citi / UBS Investment Bank

CLASS SIZE(SEKm) F/S&P CE(%) Step-Up WAL(YR)¹ Coupon Price Placement
A 1,080 AAAsf/AAA(sf) 47.0 Dec 2015 3.85 1mSTIBOR+350 100% Preplaced
B 96 AAsf/AA(sf) 42.0 Dec 2015 4.00 1mSTIBOR+490 100% Preplaced
C 193 Asf/A(sf)  Not offered *** *** *** *** ***
D 559 NR/NR(sf)  Not offered *** *** *** *** ***

¹ Based on [12]% CPR and call on step up date

- Total issuance SEK[
- First IPD: [15th February 2012]
- Bond interest margins will step up [2x] on step-up date
- The Class C and D Notes are not being offered
- The deal will feature a [3] year revolving period
- Legal Final Maturity: [January 2033]
- Minimum denominations: [SEK1,000,000 + SEK10,000 thereafter]
- Registration: [Reg S only]
- Listing: [Irish Stock Exchange]
- Fully funded, non-amortising [3]% liquidity reserve fund
- The notes will be secured by a portfolio of Swedish Consumer Loans originated by Nordax. Loan portfolio as at [30th September 2011]: Number of loans [18,676], Total principal balance SEK[2,099,609,970], Average current loan balance SEK[112,423], Weighted average interest [15.3]%, Weighted average seasoning [37.0] months, Weighted average remaining term [103.2] months
- Expected settlement date [8]th December 2011

C / E Class A: liquidity reserve fund ([3]%), Class D ([29]%), Class C ([10]%), Class B ([5]%)
C / E Class B: liquidity reserve fund ([3]%), Class D ([29]%), Class C ([10]%)

(Source: Preliminary Offering Circular dated [5th December 2011])

** The class A and class B notes have been preplaced
Offering Circular

Disclaimer

Please read carefully the terms and conditions set out below. If you access this part of the website or any of the information it contains, you agree to be bound by the terms and conditions set out below. If you do not agree to the terms and conditions, do not access this part of the website or any of its information.

The following materials relating to Scandinavian Consumer Loans No. III shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. These materials are not directed at or accessible by persons located in any jurisdiction where the offer of sale of securities is not permitted.

The information contained in the following materials is only current at the date of the relevant material, or as stated in the relevant material and will not be updated.

The information contained on this section of Nordax website and access to the following material through this part of the website is provided for information and reference purposes only. It does not constitute an offer or the solicitation of any offer of sale of the Notes issued by Scandinavian Consumer Loans No. III (Nordax Sverige 3 AB (publ)) and should not be relied upon in making any investment decision.

The following materials do not constitute or form part of an offer or solicitation to purchase or subscribe for notes in the United States. The Notes may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, or any securities laws of any state in the United States. The Notes are being offered and sold only outside the United States to persons other than U.S. Persons (“non-U.S. purchasers”, which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)) in reliance upon Regulation S under the Securities Act (“Regulation S”). As used herein, the terms “United States” and “U.S. person” have the meanings as given to them in Rule 902 of Regulation S under the Securities Act. Copies of the following materials are not to be made and may not be distributed or sent into the United States or to any other jurisdiction in which such distribution would be unlawful.

Neither Scandinavian Consumer Loans No. III (Nordax Sverige 3 AB (publ)), nor Nordax Bank AB (publ) or any of its affiliates shall be liable to any person in any way for any damage or loss whatsoever arising out of the use of any information contained in this part of the website.

The distribution of the information or material on this part of the website may be restricted by local law or regulation.

 

Documents

SCL III OFFERING CIRCULAR

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SCL IV

The Closing Portfolio

  • The Portfolio consists of 12,196 unsecured loans to private individuals in Norway
  • Total loan amount NOK 2,119,000,000
  • Average loan size NOK 173,779

Securitised Notes

Notes Fitch/S&P
Ratings
Initial Principal Amount % Interest until the 
Step-Up Date
Final Redemption
Date
Class A AAAsf/AAA(sf) NOK934,500,000 44.5% 1M NIBOR+1.10% Jan 2037
Class B AAsf/AA(sf) NOK210,000,000 10.0% 1M NIBOR+1.60% Jan 2037
Class C Asf/A(sf) NOK357,000,000 17.0% 1M NIBOR+2.00% Jan 2037
Class D A-sf/BBB(sf) NOK210,000,000 10.0% 1M NIBOR+2.75% Jan 2037
Class E NR/NR NOK388,500,000 18.5% 1M NIBOR+2.75% Jan 2037
New Issue Announcement

Securitised Notes

REG S - PRICED - SCANDINAVIAN CONSUMER LOANS IV

ISSUER: SCL – Scandinavian Consumer Loans IV
ORIGINATOR & SELLER: Nordax Bank AB (publ)
SOLE ARRANGER & LEAD MANAGER: Deutsche Bank

CLASS SIZE(NOKmn) Size(%) F/S&P WAL(yrs)* Coupon ISIN
A NOK 934.50 44.5 AAAsf/AAA(sf) 2.78 1mN+110bp XS1073123660
B NOK 210.00 10.0 AAsf/AA(sf) 3.03 1mN+160bp XS1073125442
C NOK 357.00 17.0 Asf/A(sf) 3.03 1mN+200bp XS1073125525
D NOK 210.00 10.0 A-sf/BBB(sf) 3.03 1mN+275bp XS1073125954
E NOK 388.50 18.5 NR 3.03 Retained Retained

* Based on an assumed CPR of 15 % and that Notes are redeemed on the Optional Redemption Date in June 2017
*** All classes priced @ par

- Revolving Period: 2 years
- Credit Enhancement Reserve: 2% of the initial portfolio balance plus additional amounts in relation to the 3-Month Weighted Average Excess Margin and Delinquencies
- Liquidity Reserve: 2% of the initial portfolio balance
- Step-Up Date: June 2017
- Step-Up Margin: 2x initial note margin
- Interest Payment Date: 15th day of each month from August 2014
- Legal Final Maturity: Jan 2037
- Listing: Irish Stock Exchange
- Clearance / Settlement: Euroclear, Clearstream
- Intex Dealname: SCNDCL4
- BBG Ticker: SCAND

Offering Circular

Disclaimer

Please read carefully the terms and conditions set out below. If you access this part of the website or any of the information it contains, you agree to be bound by the terms and conditions set out below. If you do not agree to the terms and conditions, do not access this part of the website or any of its information.

The following materials relating to Scandinavian Consumer Loans No. IV shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. These materials are not directed at or accessible by persons located in any jurisdiction where the offer of sale of securities is not permitted.

The information contained in the following materials is only current at the date of the relevant material, or as stated in the relevant material and will not be updated.

The information contained on this section of Nordax website and access to the following material through this part of the website is provided for information and reference purposes only. It does not constitute an offer or the solicitation of any offer of sale of the Notes issued by Scandinavian Consumer Loans No. IV (Nordax Nordic 3 AB (publ)) and should not be relied upon in making any investment decision.

The following materials do not constitute or form part of an offer or solicitation to purchase or subscribe for notes in the United States. The Notes may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, or any securities laws of any state in the United States. The Notes are being offered and sold only outside the United States to persons other than U.S. Persons (“non-U.S. purchasers”, which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)) in reliance upon Regulation S under the Securities Act (“Regulation S”). As used herein, the terms “United States” and “U.S. person” have the meanings as given to them in Rule 902 of Regulation S under the Securities Act. Copies of the following materials are not to be made and may not be distributed or sent into the United States or to any other jurisdiction in which such distribution would be unlawful.

Neither Scandinavian Consumer Loans No. IV (Nordax Nordic 3 AB (publ)), nor Nordax Bank AB (publ) or any of its affiliates shall be liable to any person in any way for any damage or loss whatsoever arising out of the use of any information contained in this part of the website.

The distribution of the information or material on this part of the website may be restricted by local law or regulation.

Documents

SCL IV OFFERING CIRCULAR

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SCL V

The Closing Portfolio

  • The Portfolio consists of 10,854 unsecured loans to private individuals in Sweden.
  • Total loan amounts SEK 1,832,000,000
  • Average loan size SEK 168,758

 

Securitised Notes

Notes Fitch/DBRS Ratings Initial Principal Amount % Interest until the 
Step-Up Date
Final Redemption Date
Class A AAAsf/AAA(sf) SEK1,098,600,000 60% 1M STIBOR+1.5% Dec 2038
Class B AAsf/AA(sf) SEK274,650,000 15% 1M STIBOR+2.0% Dec 2038
Class C Asf/A(sf) SEK183,100,000 10% 1M STIBOR+2.4% Dec 2038
Class D BBB+sf/BBB(sf) SEK109,860,000 6% 1M STIBOR+2.75% Dec 2038
Class E NR/NR SEK164,790,000 9% 1M STIBOR+2.75% Dec 2038
New Issue Announcement

Securitised Notes

NEW ISSUE: Scandinavian Consumer Loans V

REG S ONLY - NOT FOR DISTRIBUTION TO INVESTORS IN THE U.S.

ORIGINATOR: NORDAX BANK AB (publ)

ARRANGER: CITI

SCL V

CL  SIZE Ratings (F/D) CE(%)** INDEX   SPREAD Step-up WAL (years)*
A SEK1,098,600,000 AAAsf/AAA(sf) 60% 1m STIBOR + 1.5% 2x 2.84
B SEK274,650,000 AAsf/AA(sf) 15% 1m STIBOR + 2.0% 2x 3.03
C SEK183,100,000 Asf/A(sf) 10% 1m STIBOR + 2.4% 2x 3.03
D SEK109,860,000 BBB+sf/BBB (sf) 6% 1m STIBOR + 2.75% 2x 3.03
E SEK164,790,000 NR/NR  9% 1m STIBOR + 2.75% 2x 3.03

*Note: Based on 15% CPR, no defaults/ delinquencies and assumed call on the Step-Up Date

**Note: CE consists of overcollateralisation and does not include excess spread and liquidity reserve of 1.25% of the initial pool balance

- 1st IPD: 15th December 2015

- End of Revolving Period: 15th November 2017

- Step-Up Date: 15th November 2018

- Final Maturity Date: 15th December 2038

- Reg S, Registered Notes

- Minimum denomination: SEK 1,000,000

- Listing: Irish Stock Exchange

- Bloomberg ticker: SCAND V

- Transaction modelled in Intex – Ticker: SCNDCL5

- B&D: Citi

- The issuer has received a lead order on Class A

- FCA/ICMA stabilisation 

Pre-Sale Reports

DBRS Pre-Sale Report (external link)

Fitch Pre-Sale Report (external link)

Please note that you may have to log in to access the Pre-Sale Reports.

Offering Circular

Disclaimer

Please read carefully the terms and conditions set out below. If you access this part of the website or any of the information it contains, you agree to be bound by the terms and conditions set out below. If you do not agree to the terms and conditions, do not access this part of the website or any of its information.

The following materials relating to Scandinavian Consumer Loans No. V shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. These materials are not directed at or accessible by persons located in any jurisdiction where the offer of sale of securities is not permitted.

The information contained in the following materials is only current at the date of the relevant material, or as stated in the relevant material and will not be updated.

The information contained on this section of Nordax website and access to the following material through this part of the website is provided for information and reference purposes only. It does not constitute an offer or the solicitation of any offer of sale of the Notes issued by Scandinavian Consumer Loans No. V (Nordax Sverige 4 AB (publ)) and should not be relied upon in making any investment decision.

The following materials do not constitute or form part of an offer or solicitation to purchase or subscribe for notes in the United States. The Notes may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, or any securities laws of any state in the United States. The Notes are being offered and sold only outside the United States to persons other than U.S. Persons (“non-U.S. purchasers”, which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)) in reliance upon Regulation S under the Securities Act (“Regulation S”). As used herein, the terms “United States” and “U.S. person” have the meanings as given to them in Rule 902 of Regulation S under the Securities Act. Copies of the following materials are not to be made and may not be distributed or sent into the United States or to any other jurisdiction in which such distribution would be unlawful.

Neither Scandinavian Consumer Loans No. V (Nordax Sverige 4 AB (publ)), nor Nordax Bank AB (publ) or any of its affiliates shall be liable to any person in any way for any damage or loss whatsoever arising out of the use of any information contained in this part of the website.

The distribution of the information or material on this part of the website may be restricted by local law or regulation.

DOCUMENTS

SCL V OFFERING CIRCULAR

Investor Presentation

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