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 will follow the English text 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 2017 (the “Terms and Conditions”). Capitalized terms not defined herein shall have the same meaning as in the Terms and Conditions.

Information about delayed interest payment for NOK Bonds.

As communicated by Blåfjell AS, the interest payment that should have been paid 11 May 2020 will be delayed. The Issuer has informed the Trustee that they intent to prepare a proposal to the Bondholders, involving the delayed interest payment.

The Trustee is obligated to inform the Bondholders that the non-payment of an interest payment, may constitute an Event of Default in accordance with cl. 16, if it is not remedied or if it is decided on a Bondholders Meeting or by way of a Written Procedure, to waive such Event of Default.

Pursuant to clause 16.4, 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 Clause 19 (Decisions by Bondholders). The Trustee shall always be entitled to take the time necessary to consider whether an occurred event constitutes an Event of Default.

On the basis that we have informed by the Issuer that it intends to present a proposal to the Bondholders, involving the overdue interest payment, and based on our discussions with the Issuer, we have decided to not accelerate the Bonds for payment as for now.

Please note that Bondholders representing at least 10 per cent of the Adjusted Nominal Amount may request that a Bondholders’ Meeting or a Written Procedure 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 Issuer:

Thomas Lidal Jamne

Pretor Advokat AS

E-mail: [email protected]

Phone: +47 920 96 412

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