Settlement of USD 120 million super-senior bond and restructuring update

20 Mar 2023 07:50 CET

On March 17, 2023, Mime Petroleum AS (the "Issuer") settled USD 120 million of
super-senior bonds (ISIN NO 0012867318) (the “Super-Senior Bond”). The
Super-Senior Bond was part of the new financing and restructuring plan set forth
in the summons for written resolution in the Issuer’s existing bond (ISIN NO
0011142036) (“MIME02”) on February 28, 2023.

Net proceeds will be used for to i) fund the Issuer's share of the costs and
expenses for the development of the Balder Ringhorne licences, payment of
interest and principal on the bonds, and for general corporate purposes. The
super-senior bond carries a coupon of 13% p.a. and matures in September 2025.

Subscribers in the Super-Senior Bond will receive exchange rights to receive
warrants and roll-up of up to USD 30 million of existing MIME02 bonds into the
Super-Senior Bond subject to certain conditions. The roll-up exchange right
(ISIN NO 0012867342) entitles holders to convert one MIME02 bond per four
exchange rights. The warrant exchange right (ISIN NO 0012867359) entitles
holders to receive one warrant.

Existing MIME02 bondholders will also receive their pro-rata share of warrant
exchange rights (50% of total). On or about March 21, 2023, USD 45 million
(equal to 20%) of MIME02 bonds will be converted to new Hybrid Bonds (ISIN NO
0012867326) with ex-date March 17, 2023. The Hybrid Bonds matures in 2083 and
carries a PIK interest of 13.5% by issuing Hybrid PIK bonds which are
non-interest bearing (ISIN NO 0012867334). Accrued interest from November 10,
2022, on MIME02 bonds converted to Hybrid Bonds will be paid in kind as Hybrid
PIK bonds as well as future interest payable on MIME02 bonds.

Pareto Securities AS and Advokatfirmaet Schjødt AS have acted as advisors to
Mime Petroleum AS.

For any questions, please contact:

Olav Haugland,
CFO
M: + 47 915 41 809
E: olav.haugland@mime-petroleum.com

More information:
Access the news on Oslo Bors NewsWeb site