Closing of Transaction and information on other material matters relating to the bonds

12 Feb 2025 16:46 CET

Hurtigruten Newco AS - ISIN NO001243627 / HUGR01 ESG – Closing of Transaction
and information on other material matters relating to the bonds

Oslo, 12 February 2025

Reference is made to the stock exchange announcement by Hurtigruten Newco AS
(the “Company”) on 28 November 2024 (the “Stock Exchange Notice”) regarding a
comprehensive recapitalisation transaction for the Hurtigruten group of
companies (Hurtigruten Group AS with subsidiaries, the “Group”), with targeted
implementation in Q1 2025 (the “Transaction”). Further reference is made to the
bond terms for the abovementioned bond issue made between the Company as issuer
and Nordic Trustee AS as bond trustee (the “Bond Trustee”) on behalf of the
bondholders (the “Bond Terms”, the bonds issued under such Bond Terms, the
“Bonds”, and holders of bonds, the “Bondholders”).

The Company hereby announces that the Transaction (as further described in the
Stock Exchange Notice and below) has been implemented in accordance with the
Company’s financing agreements on the date hereof.

Following completion of the Transaction, the Company is no longer the owner of
the Group. As previously communicated, the Transaction has not resulted in any
disposal proceeds being paid to the Company. The Company does not have any other
material assets. Consequently, the Company intends to invoke the limited
recourse provision set out in its financing agreements, whereunder at the
Company’s election the Company or an affiliate nominated by the Company may in
accordance with the terms thereof acquire all rights and benefits in respect of
certain liabilities (including in respect of the Bonds) for a consideration of
EUR 1. Assuming the Company makes this election, no payments are expected to be
made to the Bond Trustee or Bondholders in respect of the Bonds. The Company has
or will provide the Bond Trustee with information and documentation as required
under relevant financing agreements in connection with the above. The Company’s
intention is to delist the Bonds and liquidate the Company on a solvent basis as
soon as reasonably practicable.

As previously communicated on 28 November 2024, the Transaction provides that
investors of the Company will, on certain terms and within 30 days of this
announcement, have an option to acquire the Group from the new owners.

Please contact the Company, at InvestorRelations@hurtigruten.com, for further
details on such option.

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For further information, please contact:
Investor Relations team: InvestorRelations@hurtigruten.com

More information:
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638435_Newco - SUN - Closing notice (12 February 2025).pdf