KREDINOR AS: Change in ownership and loan conversion

22 Apr 2024 18:07 CEST

SpareBank 1 Gruppen becomes the majority owner of Kredinor AS with a ownership
stake of 68.64%, while Kredinorstiftelsen, which is the other owner of Kredinor
AS, as a result, obtains an ownership stake of 31.36%. Up until this point,
SpareBank 1 Gruppen and Kredinorstiftelsen have each owned equal shares of the
company.

The changes have been discussed in the boards of SpareBank 1 Gruppen and
Kredinorstiftelsen and will be finally confirmed at the annual general meeting
of Kredinor AS on April 25, 2024.

The background for the changes is that on December 21, 2023, Kredinor AS entered
into a subordinated credit facility agreement (as borrower) with one of
Kredinor's shareholders, SpareBank 1 Gruppen AS, for a total of NOK 675 million
("the Credit Facility"). The loan carries an interest rate of 17.5%.

The outstanding receivable under the Credit Facility to the company, including
interest, shall be converted into shares in the company through a capital
increase by issuance of new shares to SpareBank 1 Gruppen AS. The share capital
is settled by offsetting the receivable. On the date of the capital increase,
April 25, 2024, the total outstanding amount will be NOK 713 217 171 ("the
Receivable").

Kredinor's payment obligation of NOK 713 217 171 to SpareBank 1 Gruppen AS will
be extinguished upon issuance of the new shares.

The conversion of the Receivable values the company at NOK 1.2 billion. The
value has been negotiated between the two owners of Kredinor, with the support
of external advisors, and reflects that an agreement has also been reached on
how proceeds from a potential sale of the company will be distributed among the
owners. The subscription price for the new shares is NOK 0.84.

The share capital of Kredinor is increased by NOK 85 114 600, from NOK 143 229
200 to NOK 228 343 800, by issuing 851 146 000 new shares with a nominal value
of NOK 0.10. Kredinor's articles of association regarding share capital are
amended accordingly.

With an ownership stake of 68.64%, this also means that Kredinor will be
consolidated into Sparebank 1 Gruppen.

The implementation of the capital increase is subject to approval by the
Financial Supervisory Authority for SpareBank 1 Gruppen to increase its
ownership stake in Kredinor.

On May 16, Kredinor will present the results for the first quarter of 2024. 

For further information, please contact:
Jon Berge, Head of Communication
+47 905 98 680 / jon.berge@kredinor.no

About Kredinor:

Kredinor is Norway’s leading debt collection agency. Our market share in Norway
continues to be high, with a volume of 30 percent of the total outstanding debt
collection mass and 15 percent of new cases for debt collection. The market
share can also be measured by 22 percent of the collected funds (Finanstilsynet,
2023).

Kredinor will continue to be a market leader in the industry, and we will have
the most satisfied clients. We are at the forefront of developing new digital
solutions that make it easier for customers to pay and faster for clients to
receive payment for goods or services.

Kredinor is a full-service debt collection company that offers services in two
main categories, Credit Management Services (CMS) and Portfolio Investments
(PI). Today we have offices in Norway, Sweden, Denmark, and Finland. Our
ambition is to become a leading debt collection company in the Nordics.

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