Notice to Bondholders in senior secured 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 an 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 2017 (the “Terms and Conditions”).

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

Update of the members of the ad hoc Bondholders’ Committee

Reference is made to the Notice to Bondholders dated 19 May 2020 regarding the call for a formation of an ad hoc Bondholders’ Committee for the Bonds.

 Due to a transfer of Bonds, the ad hoc Bondholders’ Committee now consist of the following three bondholders:

Christian Bjørnæs

E-mail: [email protected]

Haakon J. Bjørum

E-mail: [email protected]

Lars Erik Karlsen

E-mail: [email protected]

Update with regards to occurred Event of Default

The Issuer has not paid the interest payment due 11 May 2020 and the installments of the bonds due 11 May 2020. This event constitutes an Event of Default in accordance with cl. 16.1 (a) of the Terms and Conditions.

Pursuant to cl. 16.4 of the Terms and Conditions, the Trustee shall, within twenty (20) Business Days of the date on which the Trustee received actual knowledge of that an Event of Default has occurred and is continuing, decide if the Bonds shall be accelerated or not. If the Trustee decides not to accelerate the Bonds, the Trustee shall promptly seek instructions from the Bondholders in accordance with cl. 19 (Decisions by Bondholders).

As communicated in the Notice to Bondholders dated 11 May 2020, the Trustee has decided to not accelerate the Bonds based on the grounds that the Issuer, the Trustee and the ad hoc Bondholders’ Committee is in dialogue with regards to a solution. After this process, the Trustee will seek immediate instructions from the Bondholders.

Please note that Bondholders representing at least 10 per cent of the Adjusted Nominal Amount may request that a Bondholders’ Meeting is convened for the purpose of deciding on a matter relating to the Finance Documents, including instructions to the Trustee to accelerate the Bonds.

For further information, please contact:

For the ad hoc Bondholders’ Committee:

Christian Bjørnæs

E-mail: [email protected]

Haakon J. Bjørum

E-mail: [email protected]

Lars Erik Karlsen

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