Det norske oljeselskap ASA ("Det norske" or "the company") is making certain amendments to its summons to today's bondholders' meeting.

The original summons has with the proposed amendments received support from a majority of the bondholders who have confirmed that they will vote in favor at the bondholder meeting.

The amendment to the original proposal includes a new negative pledge put option, where bondholders may put the bonds if the company issues new secured non-bank debt, new unsecured pari passu debt with a shorter maturity or issues a convertible loan that is not subordinated to DETNOR02. If such an event occurs, each investor will be able to, but not required to, put their bonds at the company at a price starting at 105% and declining by 1% each year.

In terms of pricing, a NIBOR floor is set at 1%, but other elements are kept unchanged. The company is also offering, as compensation to bondholders, to increase the one-time consent fee from 1% to 2%.

All other terms are as set out in the original summons.

Find the original summons here: NO0010684145_Summons to Bondholders meeting

Find the full term of the amendment here: NO0010684145_Amendment to summons

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