Call for the formation of an ad hoc Bondholders’ Committee in relation to the bonds issued by Blåfjell AS 

To the bondholders in senior secured bonds with ISIN NO 001 080980.9 (the “Bonds) issued by Blåfjell AS (the “Issuer”) on 9 November 2017.

A Norwegian translation is included in the full notice which can be downloaded as per below. In case of any inconsistency between the Norwegian translation and the English text, the English text shall prevail. 

Notice to Bondholders

Intertrust (Norway) AS (the “Trustee) is acting as Trustee on behalf of the Bondholders under the terms and conditions relating to the Bonds dated 9 November 2019 (the “Terms and Conditions”). 

Capitalized terms not defined herein shall have the same meaning as in the Terms and Conditions. 

Initiative to gather an ad hoc Bondholders’ Committee

Pursuant to the cancelled Bondholders’ Meeting which was planned to be held 24 March 2020 and as communicated in the Notice to Bondholders issued 16 March 2020, the Trustee did not received sufficient response from Bondholders in order to elect a Bondholders Committee in accordance with the requirements in the Terms and Conditions. 

The current situation, and the guidelines set by the Norwegian Authorities considering COVID-19, makes it difficult to arrange for a new Bondholders’ Meeting in order to gather a Bondholders’ Committee. Considering these circumstances, three of the Bondholders have taken the initiative to form an ad-hoc Bondholders’ Committee and requested the Trustee to call for the formation of an ad hoc Bondholders’ Committee.

Pursuant to cl. 18.3 of the Terms and Conditions, a Bondholders’ Committee may enter into discussions with the Issuer and other creditors of the Issuer and by majority decision among its members (i) adopt such procedural rules as it considers appropriate and (ii) prepare proposals and recommendations to the Bondholders. The Bondholders’ Committee may not bind the Bondholders to any agreement or decision. The Trustee shall provide reasonable assistance to the Bondholders’ Committee and participate in its meetings.

Any Bondholders who wish to participate to the ad hoc Bondholders’ Committee, or who has any objection to the formation of an ad hoc Bondholders’ Committee is hereby asked to contact the Trustee by e-mail no later than 8 June 2020. 

For further information, please contact:

For the ad hoc Bondholders’ Committee:

Arne W. Eidshagen

E-mail: [email protected]

Christian Bjørnæs

E-mail: [email protected]

Haakon J. Bjørum

E-mail: [email protected]

For the Trustee:

Eleonore Foss

Intertrust (Norway) AS

E-mail: [email protected]

Phone: +47 958 14 513

Andreas W. Hennyng

Intertrust (Norway) AS

E-mail: [email protected]

Phone: +47 971 87 151