Jotul AS postpones payment of interest under its senior secured floating bonds amid discussions with a large group of bondholders

Due to Jøtul AS's (the " Issuer ") current financial situation, the Issuer hereby informs that it will until further notice postpone the interest payment due on 15 January 2025 under the Issuer's outstanding senior secured floating rate bonds (ISIN: NO0013106666) (the " Bonds "). In addition, the Issuer also informs that it will until further notice postpone the contemplated listing of the Bonds on a regulated market that pursuant to the terms and conditions of the Bonds shall be completed...

Kråkerøy, 15/01/2025 (informazione.news - comunicati stampa - economia)

Due to Jøtul AS's (the " ") current financial situation, the Issuer hereby informs that it will until further notice postpone the interest payment due on 15 January 2025 under the Issuer's outstanding senior secured floating rate bonds (ISIN: NO0013106666) (the " "). In addition, the Issuer also informs that it will until further notice postpone the contemplated listing of the Bonds on a regulated market that pursuant to the terms and conditions of the Bonds shall be completed within one year after the first issue date of the Bonds (being 15 January 2024).

The Issuer is working closely together with its main shareholder to find and implement a long-term viable solution for the Issuer. Subject to a commercial agreement between all parties, the Issuer will communicate such solution as soon as possible.

The postponement of the interest payment and the non-listing of the Bonds on a regulated market will cause an event of default to be outstanding under the terms and conditions of the Bonds. However, the Company has approached holders of Bonds representing over 40% of the adjusted nominal amount of the Bonds with the aim of securing standstill confirmations from such holders and a structured process for the long-term solution.

Alvarez and Marsal has been retained as financial advisor and Roschier Advokatbyrå has been retained as legal advisor.

Adrian Postolache
Group CFO
Tel: +47 458 79 680
E-mail: adrian.postolache@jotul.no

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