Prosafe Provides Update on Financial Process

Source: www.gulfoilandgas.com 8/6/2021, Location: Europe

Reference is made to earlier information provided regarding Prosafe SE's ongoing financial process with its lenders, and in particular, the disclosure dated 4 June 2021, and following disclosures, regarding the refinancing and a proposed scheme of arrangement pursuant to section 210(1) of the Singapore Companies Act.

Reference is further made to (i) the convertible bond agreement dated 9 September 2016, with ISIN NO 001 0771025, between the Company and Nordic Trustee AS (in its capacity as bond trustee on behalf of the bondholders) (the "First Bond Agreement" and the bonds the "First Convertible Bonds") of which NOK 35,706,341 is currently outstanding and (ii) the convertible bond agreement between the Company and Nordic Trustee AS (in its capacity as bond trustee behalf of the bondholders) dated 16 December 2016, as subsequently amended, with ISIN NO 001 078 0992 (the "Second Bond Agreement" and the bonds the "Second Convertible Bonds") of which NOK 122,836,000 is currently outstanding. The First Bond Agreement and the Second Bond Agreement, hereafter jointly referred to as the "Bond Agreements" and the bonds jointly referred to as the "Convertible Bonds".

Following the occurrence of a Share Settlement Event, as defined under the Convertible Bond Agreements, the Company has today exercised its right to convert the outstanding amounts under the Convertible Bonds to shares in the Company (Share settlement option (forced conversion)). Finalization of the conversion shall be carried out on 23 August 2021, with a record date on 19 August 2021. Subject to adjustments as further set out in the relevant Bond Agreements, the First Convertible Bonds shall be converted at a conversion price of NOK 25 and the Second Convertible Bonds shall be converted at a conversion price of NOK 30.


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