Company Announcement No. 1/2021–2022: Agreement to sell Nissens Cooling Solutions division – expectation of redemption in full of outstanding Bonds

Horsens, July 19, 2021

Company Announcement No. 1/2021–2022: Agreement to sell Nissens Cooling Solutions division – expectation of redemption in full of outstanding Bonds

AX V Nissens ApS and its subsidiary K. Nissen International A/S has today entered into an agreement concerning the sale of the Nissens Cooling Solutions division to a newly established company owned by A. P. Møller Holding A/S (the “NCS Sale”). Completion of the NCS Sale is subject to customary conditions, including obtaining required merger control clearances (the “NCS Sale Conditions”).

Completion of the NCS Sale is expected to occur at the end of Q3 of 2021 or during Q4 of 2021.

Pursuant to the terms and conditions (the “Terms and Conditions”) for the AX V Nissens ApS EUR 130,000,000 Senior Secured Floating Rate Bonds due 2022 (ISIN DK0030400890) (the “Bonds”), completion of the NCS Sale will either require a waiver or consent from the bondholders or that the Bonds are redeemed in connection with completion of the NCS Sale.

It is the expectation that, following and subject to satisfaction or waiver of the NCS Sale Conditions, AX V Nissens ApS will exercise its call option to redeem all of the outstanding Bonds, in accordance with the Terms and Conditions.

For questions relating to this announcement, please contact Mikkel Krogslund Andersen at +45 7626 2626

Yours sincerely,

Mikkel Krogslund Andersen Jakob Backs
CEO CFO