Gram Car Carriers ASA

Gram Car Carriers ASA refinances Mediterranean Sea

Oslo, 18 December 2023: Gram Car Carriers ASA ("GCC"), the world's third-largest

car carrier tonnage provider, has signed an agreement to refinance the debt for

the Mediterranean Sea (5,000 CEU, 2010) through a drawdown of an accordion

facility under the Group's existing senior secured credit facility.

The accordion facility comprises a 15 million term loan and a 15 million

revolving credit at terms identical to the existing senior secured facility with

a grid pricing at 2.4% above SOFR, which may reduce to 2.25% when net debt to

EBITDA falls below 1.5. This compares to 3.25% above SOFR before the

refinancing. Available commitments under the senior secured credit facility have

increased from USD 302 million to USD 332 million. The refinancing will generate

net cash proceeds of around USD 4 million and a USD 19 million increase of the

Group's liquidity reserve.

"The Mediterranean Sea refinancing is a confirmation that leading credit

institutions appreciate our robust financial position and credit quality which

is backed by a fleet on long-term contracts p with a record revenue backlog and

long-term cash flow visibility," said Georg A. Whist, the CEO of GCC.

For further information, please contact:

CFO Gunnar S. Koløen

Head of Projects and IR Mas Gram

About Gram Car Carriers:

GCC is the world's third-largest tonnage provider within the Pure Car Truck

Carriers (PCTCs) segment with 19 owned vessels, across the Distribution, Mid

-size and Panamax segments. The Company serves as a trusted provider of high

-quality vessels and logistics solutions ensuring safe, efficient and punctual

shipment of vehicles for a network of clients comprising of major global and

regional PCTC operators. To lean more, please visit gramcar.com.

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act.

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