Havila Kystruten AS

Capital/Financing Update • Jun 27, 2023

Havila Kystruten AS: Received term sheet for refinancing and update to equity investors

Havila Kystruten AS: Received term sheet for refinancing and update to equity investors

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY

OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange announcement made by Havila Kystruten AS

(the "Company") on 19 June 2023 regarding the Company's revised refinancing

plan, comprising an integrated EUR 65m equity private placement (the "Equity

Private Placement") and EUR 325m bond financing. The Company has received a term

sheet from an institutional investor for a private debt solution which is deemed

more attractive than the terms contemplated in the bond issue. Furthermore,

additional institutional investors have communicated that they are contemplating

providing terms for similar private bilateral debt solution. Consequently, the

Company has decided to pursue such alternative track and engage with said

parties.

An Extraordinary General Meeting has been summoned to be held today, Tuesday 27

June 2023 at 09:00, to resolve the Equity Private Placement. The meeting will be

held as planned, but as the debt instrument differs from the originally

envisaged bond structure, the subscribers in the Equity Private Placement will

be requested to reconfirm their orders at a later stage.

Arctic Securities AS, Fearnley Securities AS and Nordea Bank Abp, filial i Norge

are acting as Managers for the contemplated refinancing of the Company. Wikborg

Rein Advokatfirma AS and Advokatfirmaet Thommessen AS are acting as legal

counsel to Havila Kystruten AS and the Managers, respectively.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation.

This stock exchange announcement was published by Arne Johan Dale, CFO of Havila

Kystruten AS, on 27 June 2023 at 09:00 CEST.

Contacts:

Chief Executive Officer Bent Martini +47 905 99 650

Chief Financial Officer Arne Johan Dale +47 909 87 706

Important information:

The release is not for publication or distribution, in whole or in part directly

or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia). This release is an announcement issued pursuant to

legal information obligations, and is subject of the disclosure requirements

pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued

for information purposes only, and does not constitute or form part of any offer

or solicitation to purchase or subscribe for securities, in the United States or

in any other jurisdiction. The securities mentioned herein have not been, and

will not be, registered under the United States Securities Act of 1933, as

amended (the "US Securities Act"). The securities may not be offered or sold in

the United States except pursuant to an exemption from the registration

requirements of the US Securities Act. The Company does not intend to register

any portion of the offering of the securities in the United States or to conduct

a public offering of the securities in the United States. Copies of this

announcement are not being made and may not be distributed or sent into

Australia, Canada, Japan or the United States.

The issue, subscription or purchase of shares in the Company is subject to

specific legal or regulatory restrictions in certain jurisdictions. Neither the

Company nor the Managers assume any responsibility in the event there is a

violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by

law. Persons into whose possession this release comes should inform themselves

about and observe any such restrictions. Any failure to comply with these

restrictions may constitute a violation of the securities laws of any such

jurisdiction.

The Managers are acting for the Company and no one else in connection with the

Private Placement and will not be responsible to anyone other than the Company

providing the protections afforded to their respective clients or for providing

advice in relation to the Private Placement and/or any other matter referred to

in this release.

Forward-looking statements: This release and any materials distributed in

connection with this release may contain certain forward-looking statements. By

their nature, forward-looking statements involve risk and uncertainty because

they reflect the Company's current expectations and assumptions as to future

events and circumstances that may not prove accurate. A number of material

factors could cause actual results and developments to differ materially from

those expressed or implied by these forward-looking statements.