MODEX AS - ISIN: NO0010932460 - FRN Senior Secured Bond Issue 2021/2026 - Announcement of commitment to refinance.

17 Aug 2023 17:19 CEST

MODEX AS (“the Issuer”) has been advised by OEG Offshore Group Limited (“the
Guarantor”), that the Guarantor, and other related parties, have signed letters
of commitment with a consortium of international banks for new debt finance
facilities.

The completion of this financing is subject to the satisfaction of customary
conditions precedent and is expected to occur in late August or early September
2023. The proceeds from the new facilities will be used in part to issue a Call
to repay the Issuer’s outstanding NOK 550 million senior secured bond.

The Issuer expects to issue a Call notice to all bondholders shortly after
completion of the refinancing of the wider OEG Group. Accordingly, bondholders
should expect repayment of outstanding amounts, including Call premiums and any
accrued interest, during September 2023 (but in any case on or after 4 September
2023).

MODEX AS will update further in due course.

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