Havila Shipping ASA: Information about lenders feedback regarding settlement of the company's debt

01 Oct 2024 07:15 CEST

Reference is made to information related to the company's debt most recently in
a stock exchange announcement on 01.08.24 and the 2024 Second Quarter report.

The company's lenders had a deadline of 30.09.24 to choose between

* Settlement as of 31.12.24
* Extension of the agreement by one year until 31.12.25

The final figures for how much debt that shall be settled or converted into
shares will not be clarified until the accounts for the third quarter are
available.

Based on preliminary estimates, interest-bearing debt as of 31.12.24 will amount
to NOK 651 million following upwards adjustments.

Of these, lenders representing MNOK 500 of the amount have announced that they
want settlement as of 31.12.24.  This debt is linked to the vessels

* Havila Fanø
* Havila Clipper
* Havila Borg
* Havila Subsea

Non-interest-bearing debt related to the lenders who want the debt converted
into shares is preliminary estimated at NOK 522 million as of 31.12.24,
corresponding to approximately 21.5% of the company's shares after full
conversion.

The preliminary estimates indicate that bondholders in Havi04 (Havila Clipper)
will be allocated approximately 0.8% of the company's shares and bondholders in
Havi07 (Havila Subsea) approximately 7.9% of the possible shares in the
company.

The others of these lenders will be allotted approximately 12.8% of the
possibles shares in the company after full debt conversion.

Lenders representing MNOK 151 of interest-bearing debt as of 31.12.24 have
extended the restructuring agreement by one year.  The lenders have also
extended the agreement for vessels sold earlier.  The interest-bearing debt is
linked to the vessels

* Havila Foresight
* Havila Harmony

Non-interest-bearing debt related to the lenders in these vessels and previously
sold vessels is preliminary estimated at MNOK 617 as of 31.12.24.

The relevant lenders will be allocated shares corresponding to approximately
25.5% of the company if the shares were issued as of 31.12.24.

Since the agreement has been extended, conversion will only take place at the
end of the extended period which runs until 31.12.25.

The shares will then be allotted, but the number of shares issued will be
reduced in line with the relative downward adjustment of non-interest-bearing
debt through 2025.

Havila Holding AS will, at the same time as other share issues, convert part of
the liquidity loan to the company into shares to maintain its ownership stake of
50.96%.

The postponement of parts of the conversion to shares that the extension of the
agreement period entails, will result in that the lenders converting debt as of
31.12.24 will,

based on the preliminary estimates, own approximately 44.8% of the company's
shares until the last conversion at the end of 2025.

The current shareholders, excluding Havila Holding, will own approximately 4.2%
of the shares during this period.

The extension of the agreement means that the subsequent repair issue is
postponed until 2026.

It should be noted that the ownership percentages above are based on preliminary
estimates.

The company has signed a term sheet for the refinancing of the fleet.

Contacts:

Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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