Stavanger, 20 January 2025: Reference is made to the stock exchange announcement
made by Moreld AS ("Moreld" or the "Company", and together with its
subsidiaries, the "Group") on 31 December 2024 regarding the partial redemption
by the Company's wholly-owned subsidiary, Aurora Group P.L.C., of its
outstanding USD 225 million senior secured notes due 2029 (the "Notes") by use
of proceeds from the private placement completed prior to the admission to
trading of Moreld's shares on Euronext Growth Oslo (the "Listing"). Further
reference is made to the potential refinancing of the remainder of the
outstanding amount under the Notes after the Listing as communicated in Moreld's
information document published on 18 December 2024. The Company has exercised an
equity clawback option to buy back USD 80 million in principal amount of the
Notes and will call an additional principal amount of approximately USD 5
million under the same option. In addition, the Company will redeem a principal
amount of USD 30.5 million of the Notes under the mandatory cash sweep.
Moreld has engaged Pareto Securities AS as Sole Global Coordinator and
Bookrunner and Sparebank 1 Markets AS as Co-Manager to arrange a series of fixed
income investor meetings commencing on 20 January 2025. A USD denominated senior
secured bond issue with an expected 5-year tenor may follow, subject to, inter
alia, market conditions.
The net proceeds from any contemplated bond issue is intended to be used to
refinance the Notes in full and thereafter for general corporate purposes.
For more information, please contact:
CEO Geir Austigard
Telephone: +47 992 47 500
Email: Geir.austigard@moreld.com
CFO Trond Rosnes
Telephone: +47 404 14 494
Email: Trond.rosnes@moreld.com
About Moreld
Moreld is an industrial multi-disciplinary engineering group offering full-scope
services across the offshore energy and marine industries including subsea
installations. The group comprises Moreld Apply, Ocean Installer and Global
Maritime. Moreld is a major player on the Norwegian continental shelf with an
international footprint. The Group is located in 19 countries, giving access to
all major offshore markets, and has over 2,800 employees and contractors. For
more information, please visit https://moreld.com/.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Trond Rosnes, CFO of Moreld on the date and time
set out above.
IMPORTANT INFORMATION
This communication is not an offer to sell or purchase, or the solicitation of
an offer to sell or purchase, any securities, or the solicitation of a proxy, in
any jurisdiction in which, or to any person to whom, such offer, sale or
solicitation is not authorized or would be unlawful. The information contained
in this announcement is for background purposes only and does not purport to be
full or complete. No reliance may be placed for any purpose on the information
contained in this announcement or its accuracy, fairness or completeness.
The publication, distribution or release of this announcement may be restricted
by law in certain jurisdictions and persons into whose possession any document
or other information referred to herein should inform themselves about and
observe any such restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction.
This communication contains forward-looking statements. Forward-looking
statements include statements concerning plans, objectives, goals, strategies,
future events or performance, and other statements, which are not statements of
historical facts. Forward-looking statements are generally identified by the
words "expects", "anticipates", "believes", "intends", "estimates", "plans",
"will be" and similar expressions. You are cautioned that forward-looking
information and statements are subject to various risks and uncertainties, many
of which are difficult to predict and generally beyond the control of the
Company, and that could cause actual results and developments to differ
materially from those expressed in, or implied or projected by, the
forward-looking information and statements contained herein. The forward-looking
statements in this communication speak only as of the date hereof and, other
than as may be required by applicable law, the Company does not undertake any
obligation to update or revise any forward-looking information or statements.