Endúr ASA – Committed refinancing offer

29 Jan 2025 14:02 CET

29 January 2025 – Endúr ASA (“Endúr”) has today received and accepted a
committed refinancing offer (“The refinancing offer”) from its existing bank
syndicate, consisting of Sparebank 1 Sør-Norge and Sparebank 1 SMN(collectively
“Sparebank 1”). On that occasion, Endúr will seek to enter into a renewed and
improved loan agreement with Sparebank 1.

In addition to certain guarantee, currency and leasing facilities, The
refinancing offer includes term loans of NOK 600 million to refinance all
Endúr’s current bank loans. The term loans (“Facility A”) will be partly
nominated in NOK (300 million) with 3-month NIBOR as reference interest rate and
partly nominated in SEK (300 million) with 3 month STIBOR as reference interest
rate. The term loans will be amortized over 10 years, yielding quarterly
installments of NOK 15 million. As such, current quarterly installments will be
reduced with 50% going forward. The term loans will have a maturity of 3 years
with 1+1 year renewal options.

Furthermore, The refinancing will increase Endúr’s current overdraft facility to
NOK 250 million (“Facility C”). The refinancing offer also includes a facility
set aside for financing of future acquisitions (“Facility B”), of which NOK 50
million is intended to be utilized in relation to the recent acquisition of VAQ.

The refinancing offer includes financial covenants in form of a required minimum
equity ratio of 30%, identical to the requirement under Endúr’s current
financing, and a maximum leverage ratio, the latter being defined as net
interest-bearing debt excl. leasing liabilities (subject to certain adjustments)
divided by pro forma LTM earnings before interests, taxes, deprication and
amortization (“EBITDA”, excluding net effects from IFRS 16 and subject to
certain other adjustments):

Utilization – 31 March 2025 < 3.30x
1 April 2025 – 31 December 2025 < 3.00x
1 January 2026 – Maturity < 2.50x

Interest rate margins for Facility A/B and Facility C, will be:

Leverage ratio 0.00x – 1.50x: 260 bps / 160 bps
Leverage ratio 1.51x – 2.00x: 270 bps / 170 bps
Leverage ratio 2.01x – 2.50x: 285 bps / 180 bps
Leverage ratio 2.51x – 3.30x: 305 bps / 195 bps

On basis of Endúr’s Q3 2024 balance sheet, the refinancing will yield a blended
interest rate margin reduction of approximately 100 bps.

The refinancing opens for periodic dividend payments of up until 50% of
consolidated earnings after tax (“EAT”). A more detailed loan agreement will
include baskets for permitted indebtedness, continued share buy-backs and M&A
activities.

“This refinancing offer represents another important milestone for Endúr,
serving as a testament to our history of profitable growth and solid cash
conversion. We are particularly pleased with the prospect of prolonging what has
been a highly successful partnership with Sparebank 1”, says Jeppe Raaholt, CEO
of Endúr.

The refinancing will be subject to Endúr’s board approval of a new loan
agreement and is expected to close by the end of February this year.

For further information, please contact:

Media – Jeppe Raaholt, CEO, tel: +47 976 69 759

Investors – Einar Olsen, CFO, tel: +47 924 01 787

(ENDS)

About Endúr
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance
projects and services for marine infrastructure, including facilities for
land-based aquaculture, quays, harbours, dams, bridges and other specialised
concrete and steel projects. The company and its subsidiaries also offer a wide
range of other specialised project and marine services. Endúr ASA is
headquartered in Lysaker, Bærum, Norway. See www.endur.no.

More information:
Access the news on Oslo Bors NewsWeb site