Capital/Financing Update • Mar 11, 2022
Capital/Financing Update
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Correction* KONGSBERG AUTOMOTIVE USES FUNDS FROM INTERIOR COMFORT SYSTEMS DIVESTMENT TO REDEEM EUR 75 MILLION OF BONDS
REDEMPTION MARKS IMPORTANT MILESTONE IN EXECUTING THE PLANS FOR USE OF PROCEEDS
ANNOUNCED IN 2021
Zurich, *March 11th, 2022: Kongsberg Actuation Systems B.V., a subsidiary of
Kongsberg Automotive ASA ("Kongsberg Automotive") has today published a Notice
of Redemption for EUR 75 million of its outstanding Senior Secured Notes due
2025. This follows the successful closing of the divestment of the Interior
Comfort Systems business unit to Lear Corporation announced on February 28th,
· The Notes will be redeemed at 102.50% of the Par Amount, as per the terms of
the Notes, plus accrued interest from January 15th, 2022 until the Redemption
Date
· The Redemption Date will be March 21st, 2022
· Following this partial redemption, the remaining amount of Notes outstanding
will be EUR 200 million
The partial redemption of the bonds is part of the use of proceeds from the
divestments as announced at the company's Capital Markets Day in December 2021.
In addition to this deleveraging, Kongsberg Automotive will use other parts of
the proceeds to invest in growth, as well as to return funds to shareholders.
Further details about these will be given at the company's fourth quarter and
full year 2021 earnings call presentation on March 15th, 2022.
Comment from the CEO:
"Reducing our leverage was one of the key elements of our plan for the proceeds
from the divestment of our ICS business unit. It provides an important risk
reduction in the current global situation, as well as reduces our interest costs
significantly. We look forward to carrying on with our Shift Gear strategic
transformation plan with a lighter burden on our shoulders."
This press release does not constitute an offer to sell or buy or the
solicitation of an offer to buy or sell any security and shall not constitute an
offer, solicitation, sale or purchase of any securities in any jurisdiction in
which such offering, solicitation, sale or purchase would be unlawful.
The Notes mentioned herein have not been and will not be registered under the
United States Securities Act of 1933, as amended, any state securities laws or
the laws of any other jurisdiction, and may not be offered or sold in the United
States absent registration or an applicable exemption from such registration
requirements.
FORWARD-LOOKING STATEMENTS
Certain statements in this announcement are forward-looking statements based on
current expectations. By their nature, forward-looking statements require us to
make assumptions and are subject to important known and unknown risks and
uncertainties, which may cause our actual results in future periods to differ
materially from those set forth in the forward-looking statements.
About Kongsberg Automotive ASA
Kongsberg Automotive provides world class products to the global vehicle
industry. Our products enhance the driving experience, making it safer, more
comfortable and sustainable. The product portfolio includes driver and motion
control systems, fluid assemblies, and industrial driver interface products
developed for global vehicle manufacturers. Find out more
at www.kongsbergautomotive.com.
Media contact:
Therese Sjoborg Skurdal
+47 982 14 059
Investor relations contact:
Jakob Bronebakk
+47 906 39 637
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