Borgestad ASA — Capital/Financing Update 2023

Dec 6, 2023

BOR04 - Exercise of voluntary early redemption in full (Call Option)

BOR04 - Exercise of voluntary early redemption in full (Call Option)

Issuer: Borgestad ASA (the "Company")

ISIN for the bond loan: NO0010907736

Date of redemption: 20 December 2023

Redemption amount: NOK 100,000,000

Redemption price: 100% of nominal value

The Company has today notified Nordic Trustee AS, as bond trustee on behalf of the bondholders, of the exercise of its Call Option and redemption of all outstanding bonds under the above mentioned bond loan. A copy of Nordic Trustee AS' notice to the bondholders is attached.

The Company will redeem the remaining NOK 100,000,000 principal amount (plus accrued and unpaid interest to but not including the redemption date) at a redemption price equal to 100% of the nominal amount for each redeemed bond, with redemption date 20 December 2023. The exercise of the Call Option is conditional on (i) the initial (non-binding) approval from the Municipal Council of Bjuv Municipality for the sale-leaseback transaction announced by the Company in the stock exchange announcement on 27 October 2023, and (ii) the successful registration in the Norwegian Register of Business Enterprises of the capital increase pertaining to the private placement published by the Company in the stock exchange announcement on 6 November 2023. The conditions must be fulfilled no later than three (3) business days prior to the redemption date, and the Company will publish a new announcement no later than at the expiry of the deadline, being 15 December 2023.

For further information, please contact:

Pål Feen Larsen, CEO of Borgestad ASA

Tel.: +47 48 84 53 33

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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

About Borgestad|www.borgestad.no

Borgestad ASA (OSE:BOR) is an investment company focused on real estate and industry. The key investments include Agora Bytom shopping center and the leading refractory manufacturer Höganäs Borgestad.

About Höganäs Borgestad | www.hoganasborgestad.com

Höganäs Borgestad develops, manufactures and delivers refractory products, installations and turnkey solutions that enhance the productivity and competitiveness of industrial customers. The aim is to contribute to the customers' profitability by providing high-value refractory solutions to their challenges. Today, the company is a leading supplier in the refractory market of the Nordic countries and has a global presence in a number of selected application areas.