Norwegian Property’s (NPRO’s) subsidiary, NPRO Holding AS, has taken over all shares in ML 33 Holding II AS as of 18 March 2024, which indirectly owns the shares in the company that owns the property Martin Linges vei 33 at Fornebu (the "Property"). The shares have been taken over for NOK 1. NPRO Holding is 100% holder of junior bond loan extended to one of the Property's holding companies.

Former shareholder has tried to raise new capital to repair covenant breaches in loan agreements to the Property’s holding companies. There have also been attempts to divest the Property’s holding companies through a structured sales process without success.

In connection with the transfer of the shares, NPRO Holding has guaranteed a private placement in ML 33 Holding II AS of NOK 500 million, against a minimum allocation of 80%. ML 33 Invest AS has been granted a right to offer existing shareholders of ML 33 Invest AS to subscribe for up to NOK 100 million in the equity issue on further agreed terms and conditions.

The proceeds of the issue will be used to repair the default of the senior bond loan, repay parts of the junior loan, finance future approved investments in the property as well as to cover transaction costs.

The senior loan of the Property matures on 10 January 2025, while the junior loan matures 28 October 2024.

The board of NPRO will during the fall consider proposing an issuance of new shares in NPRO in connection with establishment of new long-term financing for the Property.

For further information, please contact: 
Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no
Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no

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