Elopak ASA

Capital/Financing Update • Jun 22, 2022

ELOPAK ASA: Amendments to the existing revolving credit facility take effect

ELOPAK ASA: Amendments to the existing revolving credit facility take effect

Oslo, 22 June 2022: Reference is made to the existing 5-year EUR 400 Million Revolving Credit Facility Dated 23.05.2018 with a termination date 23.05.2023

Elopak ASA has today signed an amendment letter to the existing loan agreement which will take effect as of today, 22.06.2022.

The first amendment will extend the termination date of the Revolving Credit Facility by 12 months. The new termination date will be 23.05.2024.

The second amendment relates to IFRS16 adjustment of the covenant path and margin grid in terms of the accounting calculated Gearing Ratio (Net Interest Bearing Debt/Consolidated EBITDA). In order to exclude the effects of lease renewals and other changes in lease obligations, the Lenders have agreed to lift the Max Covenant and consequently the margin grid by 0,40x to 4.55x with effect from Q4 2022, and by another 0,20x to 4.75x with effect from Q1 2023.

For further information, please contact: Thomas Haave Askeland, Head of Investor Relations, phone: +47 992 34 557, or Erik Fuglevik Dahler, Group Treasurer, phone: +47 986 15 840

About Elopak

Elopak is a leading global supplier of carton packaging and filling equipment. The company's iconic Pure-Pak® cartons are made using renewable, recyclable, and sustainably sourced materials, providing a natural and convenient alternative to plastic bottles that fits within a low carbon circular economy.

Founded in Norway in 1957, Elopak was listed on the Oslo Stock Exchange in 2021. Today it employs 2,600 people and sells in excess of 14 billion cartons annually across more than 70 countries.

Elopak is a UN Global Compact participant with a platinum EcoVadis rating and has been carbon neutral since 2016. For more information, go to elopak.com or follow us @Pure_Pak on Twitter and @Elopak on LinkedIn.