Noreco Contemplates New Bond Issue

Noreco is contemplating to refinance the existing bond loans NOR01 and NOR02 with two new bonds.

"The recent NOK 1,200 million share issue has strengthened our financial position, and gives us a solid foundation for value creation from our extensive portfolio. The planned bond refinancing is in line with our strategy, and is intended to further extend our financial capacity," said CEO Scott Kerr.

Noreco is contemplating to refinance the two existing bond loans NOR01 (NO 001037906.8) and NOR02 (NO 001037907.6) totaling NOK 2,240 million (together the "Existing Loans") with two new bond issues (the "New Bonds"). The New Bonds will have 3 and 5 years duration, respectively, and the total aggregate amount of the New Bonds will be minimum NOK 1,750 million and maximum NOK 2,000 million.

The New Bonds will have security in the Company's shares in Altinex ASA and Siri Holdings Ltd.

An application will be made for the New Bonds to be listed at Oslo Børs.

Subject to receiving subscriptions for minimum NOK 1,750 million in the New Bonds, the Existing Bonds will be called according to the prevailing call options in the relevant Loan Agreement, by way of sending a call notice to the bondholders in the Existing Bonds according to the Loan Agreement for such bonds.

The net proceeds from the New Bonds will be used in its entirety to refinance the Existing Loans.

Pareto Securities has been appointed as Sole Lead Manager for the new contemplated bond issue and BNP Paribas, First Securities and SEB Merchant Banking are appointed as Co-Managers.