Oslo, 12 December 2022: Reference is made to the stock exchange notice published on 8 November 2022 where Norwegian Energy Company ASA ("Noreco" or the "Company") announced that the requisite bondholders had resolved and approved the contemplated amendments (“Amendments”) to the Company's outstanding USD 165,229,319 2019/2027 convertible bond loan with ISIN NO0010851520 and listed on Oslo Børs ("NOR13"). Reference is further made to the stock exchange notice published by Noreco 29 November 2022 where the Company announced that it had received a temporary injunction from the Oslo district court (Oslo tingrett) that restricts Noreco and Nordic Trustee AS from implementing the Amendments (“Ruling”) following a claim from two minority bondholders in NOR13.
Pursuant to the summons for written resolution of 8 November 2022 for resolving the Amendments (“Original Summons”), Noreco needs to satisfy certain conditions in order for the Amendments to become effective within a deadline of 25 Business Days (“Longstop Date”) following the date of the Original Summons. Due to the Ruling, Noreco may be unable to comply with the conditions to implement the Amendments within the Long Stop Date.
The Ruling is an unforeseen event which the Long Stop Date pursuant to the Original Summons does not take into account. To allow the Company time to resolve the dispute relating to the Ruling, the Company will request an extension of the Longstop Date until the dispute which has arisen in respect of the Ruling is finally resolved.
More than 2/3 of the NOR13 bonds have pre-accepted to the extended Longstop Date.
The existing bond terms for NOR13 apply until and subject to the Amendments becoming effective after the Ruling is lifted. All NOR13 bondholders are advised that due to appeal possibilities, a certain timeline for a final outcome of the pending court case cannot be provided at this point in time.
Please refer to the summons for written resolutions attached hereto for further information.
Cathrine Torgersen, EVP Investor Relations & ESG
Phone: + 47 915 28 501
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Cathrine Torgersen, Executive Vice President Investor Relations & ESG, Norwegian Energy Company ASA, at the date and time as set out above.