Eqva ASA

Capital/Financing Update • Jun 16, 2016

Havyard Group ASA - Summons to bondholder meeting

Havyard Group ASA - Summons to bondholder meeting

Havyard Group ASA: Summons to bondholder meeting

Fosnavåg, 16.06.2016

Havyard Group ASA (HYARD or Company) summons today to

bondholders meeting for its bond «Havyard Group ASA

14/17 FRN», ISIN NO0010713274 (HYARD01 PRO).

The purpose with the bondholders meeting are changes

in the bond agreement, including an extension of the

bond tenor with 18 months from originally June 2017 to

December 2018. An extension is expected to have a

positive effect on the company's financial and

operational position, among other things through

better opportunity to achieve construction financing.

Bondholders meeting will be held 30th of June 2016.

The main points in the proposal for changes in bond

agreement, which otherwise are described in the

attached summons to bondholders meeting, are as follow:

- Extended tenor of the loan until 13 December

2018, with instalment structure from original maturity

- The interest rate margin on the bonds shall be

increased from 5.50% to 7.0%.

- Introduced dividends restrictions on the

company shares during the tenor of the loan;

- Some easing on company covenants, including

adjustment on demands to book equity and working

capital.

- Bondholders can convert up to NOK 18.6

millions of the loan to 2 252 830 new shares to a

fixed rate of NOK 8.25 per share. There are made

guarantee agreements with some bondholders that

secures that the given conversion limit will be fully

utilized.

-

The company has through discussions with a number of

bondholders received support for the proposed change

in bond agreement from more than 2/3 of its

bondholders.

The company have engaged Fearley Securities AS as

financial advisor in connection with the proposal.

Contacts;

Havyard Group ASA:

Pål Aurvåg CFO

Tel: +47 950 05 004

E-mail: pal.aurvag@havyard.com

Fearnley Securities AS:

Per Lauvvang, Director

Tel: +47 951 110 51

E-mail: p.lauvvang@fearnleys.no

This information is subject of the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading