Panoro Energy ASA

Capital/Financing Update • Jun 3, 2022

Pandion Energy AS completes debt refinancing process

Pandion Energy AS completes debt refinancing process

Pandion Energy AS (Pandion Energy) is pleased to announce that is has signed an amendment and restatement agreement for its reserved based lending facility (“RBL”) with an increase in size to USD 200 million and a tenor of 7 years. The new facility has been structured by BNP Paribas, DNB and ING which alongside ABN AMRO Bank and Deutsche Bank form the Mandated Lead Arranger group.

Together with the USD 75 million 4-year tenor senior unsecured bond successfully raised on 25 May, this concludes Pandion Energy’s refinancing process. The purpose of this process has been to optimize the capital structure on the back of the acquisition of ONE-Dyas Norge AS announced on 9 March (completion pending authorities’ approval).

Commenting on the refinancing process, Jan Christian Ellefsen, CEO of Pandion Energy’s said:

“We are very pleased to have completed the debt refinancing as planned under unusually volatile market conditions. We are also comforted by the continued strong support from both leading Nordic and international banks, as well as institutional bond investors. By retaining this diversified and flexible capital structure, we are fully financed to meet exiting commitments and to act on future growth opportunities.”

The bond will be listed on the Nordic ABM, a marketplace regulated by Oslo Børs, within 9 months. Nordic Trustee has been appointed as bond trustee. Upon closing of the new bond issue, Pandion Energy issued a call notice for full redemption of PANE01 PRO earlier today.

ABG Sundal Collier, DNB Markets and Pareto Securities acted as joint lead managers and bookrunners of the bond issue.

Arntzen de Besche acted as legal advisor to Pandion Energy in the refinancing process. RBL banks were advised by Wiersholm and managers of the bond issue were advised by Thommessen.

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For further information, please contact:

CEO, Jan Christian Ellefsen, telephone: +47 917 44 899

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About Pandion Energy:

Pandion Energy is an independent, full cycle oil and gas company, participating

in the discovery, appraisal, development and production of oil and gas resources

on the Norwegian continental shelf.

www.pandionenergy.no