Kongsberg Automotive Renegotiated Terms for its Revolving Credit Facility

Kongsberg Automotive (the “Company”) has renegotiated certain terms of its Euro 70 million revolving credit facility (“RCF”) with its banks, Danske Bank and J P Morgan. Under this relief agreement (“Relief Agreement”), the Company can utilize 80% of its RCF line without being subject to the NIBD/EBITDA covenant testing. The utilization rate under the original RCF agreement before covenant testing was 40%. The Relief Agreement is effective until the end of the first quarter 2021 calls for certain additional covenants and reporting requirements. The agreement is subject to approval by the Extraordinary General Meeting of the Company approving all the proposed resolutions associated with the capital increase on June 15 2020 and final documentation.

Through the Relief Agreement Kongsberg Automotive increases available effective liquidity by Euro 28 million until March 31, 2021, a very important and flexible source of liquidity for the Company.

Danske Bank and J P Morgan have been very supportive in the process of finalizing the Relief Agreement and we thank our major banking partners for their commitment to Kongsberg Automotive. Danske Bank acts as the agent for the RCF banks and have been instrumental in reaching this Relief Agreement.