Reference is made to the press releases dated 9 and 10 June 2009 regarding the private placement in Norwegian Property.

 

Norwegian Property has today received documentation that the negotiated amendments and changes to the current loan agreements have been approved by the relevant banks' credit committees.

 

These amendments for the respective loan agreements includes, inter alia, (i) extending of the due date of NOK 1,700 million acqusition facility for Oslo Properties AS from October 2010 to June 2012 (after repayment of the loan with NOK 700 millions); (ii) refinancing of the SEK  565 million stand-alone facility maturing in September 2009 for three years to 2012; (iii) secured available financing to repay 2nd priority bond loan maturing  March 2010; and (iv) obtained waivers for LTV and ICR covenants on the "NOK 11,000 million Term Loan and Revolving Credit Facility" and "Oslo Properties AS NOK 1,700 million Multicurrency Acquisition and Guarantee Facility Agreement" level up to and including  Q2 2011 (after repayment of the loan of NOK 400 millions).  

 

Arctic Securities ASA has been engaged as a financial advisor for Norwegian Property in connection with negotiation with the relevant banks.

 

For further information, please contact:

Mari Thjømøe, CFO, tel. +47 90 777 824