Klaveness Combination Carriers - Capital/Financing Update 2016

Klaveness Ship Holding AS - contemplating new senior unsecured bond issue

Klaveness Ship Holding AS ("Klaveness" or

the "Company") is contemplating the issuance of a new

senior unsecured bond issue with maturity in May 2021.

Net proceeds from the new bond issue will be used for

general corporate purposes and refinancing of

Klaveness' existing bond issues KSH01 PRO and KSH02

PRO.

Subject to completion and settlement of the

contemplated new bond issue, Klaveness will redeem

KSH02 PRO (ISIN: NO0010705874) with maturity in March

2020 in full at a price of 101.54% of par value plus

accrued and unpaid interest by way of introducing an

early mandatory redemption in the bond agreement. A

separate summons to a bondholders' meeting is

published on www.stamdata.no. The Company has already

received support from 2/3 of the bondholders in KSH02

PRO for such proposal. Conditional upon successful

placement of the new unsecured bond issue and

customary conditions for settlement of the

contemplated new bond issue being in place, as well as

formal confirmation from the Nordic Trustee confirming

the approval by bondholders in KSH02 PRO of the

mandatory early redemption, Klaveness will exercise

the call option in KSH01 PRO (ISIN: NO0010675986) to

redeem KSH01 PRO in full at 103.0% of par value plus

accrued interest.

For more information and an updated company

presentation, go to www.klaveness.com.

Danske Bank Markets, DNB Markets and Pareto Securities

have been retained as joint lead managers of the

contemplated bond issue.

For further information, please contact:

Lasse Kristoffersen (CEO, Torvald Klaveness), Tel.:

+47 22 52 62 38

Rebekka Glasser Herlofsen (CFO, Torvald Klaveness),

Tel.: +47 22 52 64 41

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