Hurtigruten Group AS – Update on recapitalisation Transaction and agreed changes to HUGR01 ESG

14 Feb 2024 07:50 CET

Hurtigruten Group AS (the “Company” and, together with its subsidiaries, the
“Group”) is pleased to announce that it has agreed, with a group of holders of
the €50m 11.00% senior unsecured notes with ticker HUGR01 ESG (the “SUNs”)
representing greater than 70% of the total existing SUNs, a proposed transaction
to amend and restate the SUNs into new senior secured bonds in a principal
amount of EUR 50,000,000 (plus accrued unpaid interest and any consent fees) to
rank pari passu with the new holdco facility and issued by new parent of the
Company (the “Holdco”) subject to an agreed waterfall of payments (the “SUN
Exchange”).

The SUN Exchange will be implemented alongside the wider recapitalisation
Transaction (see previous announcement here) and the Lock-up Agreement (as
described in the announcement) has been amended to reflect the agreed terms of
the SUN Exchange. The Company will continue to work with its senior lenders,
shareholders and the bond trustee under the SUNs to implement the Transaction.

Bookings Update
The Group is part way through in a key selling window with overall positive
booking momentum in most markets driven by the strategic changes made by the
Group. As of 29 January 2024, Hurtigruten and HX had EUR 378 million in
pre-booked revenue for 2024.

For further information on the SUN Exchange or other updates, please contact:
Investor Relations team: InvestorRelations@hurtigruten.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Ingrid Smith-Sivertsen, VP Corporate Finance and
Investor Relations at Hurtigruten Group AS, 14th February 2024.

More information:
Access the news on Oslo Bors NewsWeb site

610708_SUN Reinstatement - Summons for a Written Resolution (Executed 14.02.24).pdf