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Listing of Bonds Issued by Havilafjord AS in a NOK 1,000,000,000 FRN Senior Secured Open Bond Issue with Maturity in 2023 ISIN: NO 0010825284

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Listing of Bonds Issued by Havilafjord AS in a NOK 1,000,000,000 FRN Senior Secured Open Bond Issue with Maturity in 2023 ISIN: NO 0010825284 PROSPECTUS HAVILAFJORD AS (A private limited liability company organized under the laws of Norway) Listing of Bonds issued by Havilafjord AS in a NOK 1,000,000,000 FRN senior secured open bond issue with maturity in 2023 ISIN: NO 0010825284 This prospectus (the “Prospectus”) relates to, and has been prepared in connection with the listing (the “Listing”) on Oslo Børs, a stock exchange operated by Oslo Børs ASA (“Oslo Børs”), of bonds (the “Bonds”) which were issued by Havilafjord AS (the “Company” or the “Issuer”) on 19 June 2018 in a senior secured open bond issue in an initial amount of NOK 750,000,000 and in a maximum amount of NOK 1,000,000,000, with maturity in June 2023 (the “Bond Issue”). The Bonds have a floating interest rate of 3 month NIBOR + 5.00%. The Bonds are expected to be listed and tradable on Oslo Børs on or about 11 January 2019. The distribution of this Prospectus may in certain jurisdictions be restricted by law. Accordingly, this Prospectus may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. The Company and the Managers (as defined below) require persons in possession of this Prospectus to inform themselves about, and to observe, any such restrictions. This Prospectus and the Bonds shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo City Court as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of, or in connection with the Bonds or this Prospectus. THIS PROSPECTUS IS A LISTING PROSPECTUS FOR BONDS ALREADY ISSUED BY HAVILAFJORD AS. NO SECURITIES ARE BEING OFFERED TO ANY PERSON IN ANY JURISDICTION ON THE BASIS OF THIS PROSPECTUS. Investing in the Company and the Bonds involves material risks and uncertainties. Please refer to section 2 (Risk Factors) for further information on risks and uncertainties. *** Managers The date of this Prospectus is 10 January 2019 IMPORTANT INFORMATION Please refer to section 9 “Definitions and Glossary of Terms” for definitions of terms used throughout this Prospectus, which also apply to the preceding pages. This Prospectus has been prepared in order to provide information about the Company and its business in relation to the Listing of the Bonds, and to comply with the Norwegian Securities Trading Act of June 29, 2007 no. 75 (the “Norwegian Securities Trading Act”) and related secondary legislation, including EC Commission Regulation (EC) no. 809/2004 implementing Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive) regarding information contained in prospectuses (the “Prospectus Directive”). This Prospectus has been prepared solely in the English language. This Prospectus has been reviewed and approved by the Norwegian FSA in accordance with sections 7-7 and 7-8, cf. section 7-3 of the Norwegian Securities Trading Act. The Norwegian FSA has not controlled or approved the accuracy or completeness of the information given in this Prospectus. The approval given by the Norwegian FSA only relates to the Company's descriptions pursuant to a pre-defined check list of requirements. The Norwegian FSA has not made any form of control or approval relating to corporate matters described in or otherwise covered by this Prospectus. The Norwegian FSA approved this Prospectus at 10 January 2019. The Company has furnished the information in this Prospectus. The Company has engaged Fearnley Securities AS and SpareBank 1 Markets AS as joint lead managers (the “Managers”) in connection with the Bond Issue. Unless otherwise indicated, the information contained herein is current as of the date hereof and the information is subject to change, completion and amendment without notice. In accordance with Section 7-15 of the Norwegian Securities Trading Act, every significant new factor, material mistake or inaccuracy that is capable of affecting the assessment of the Bonds arising after the time of approval of this Prospectus and before the date of listing of the Bonds on Oslo Børs will be published and announced promptly as a supplement to this Prospectus. Neither the publication nor distribution of this Prospectus shall under any circumstances create any implication that there has been no change in the Company’s affairs since the date hereof or that the information herein is correct as of any time since its date. The distribution of this Prospectus may in certain jurisdictions be restricted by law. Accordingly, this Prospectus may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. The Company and the Managers require persons in possession of this Prospectus to inform themselves about, and to observe, any such restrictions. An investment in the Bonds involves inherent risks. Potential investors should carefully consider the risk factors set out in section 2 “Risk Factors” in addition to the other information contained herein before making an investment decision. An investment in the Company or its securities is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of their entire investment. The contents of this Prospectus are not to be construed as legal, business or tax advice. Each prospective investor should consult with its own legal adviser, business adviser and tax adviser as to legal, business and tax advice. In the ordinary course of their respective businesses, the Managers and certain of their respective affiliates have engaged, and will continue to engage, in investment and commercial banking transactions with the Company. The Bonds are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Investors should be aware that they may be required to bear the financial risks of an investment in the Bonds for an indefinite period of time. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Without limiting the manner in which the Company may choose to make any public announcements, and subject to the Company’s obligations under applicable law, announcements relating to the matters described in this Prospectus will be considered to have been made once they have been received by Oslo Børs and distributed through its information system. The distribution of this Prospectus and the offer and sale of the Bonds in certain jurisdictions may be restricted by law. The Company and the Managers require persons in possession of this Prospectus to inform themselves about, and to observe, any such restrictions. This Prospectus does not constitute an offer of, or an invitation to subscribe or purchase any securities in any jurisdiction. Furthermore, the restrictions and limitations listed and described herein are not exhaustive, and other restrictions and limitations in relation to the Prospectus that are not known or identified by the Company and the Managers at the date of this Prospectus may apply in various jurisdictions as they relate to the Prospectus. The Company has not registered the Bonds under the U.S. Securities Act or the securities laws of other jurisdictions other than the Kingdom of Norway and the company does not expect to do so in the future. The Bonds may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act), except for pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities law, or pursuant to an effective registration statement. 2 TABLE OF CONTENTS 1. SUMMARY............................................................................................................................................ 4 2. RISK FACTORS ................................................................................................................................. 12 3. RESPONSIBILITY STATEMENT .................................................................................................... 16 4. INFORMATION ABOUT THE COMPANY AND THE GROUP .................................................. 17 5. FINANCIAL INFORMATION .......................................................................................................... 22 6. THE BONDS ....................................................................................................................................... 29 7. BOARD AND MANAGEMENT ........................................................................................................ 40 8. ADDITIONAL INFORMATION ....................................................................................................... 44 9. DEFINITIONS AND GLOSSARY OF TERMS ............................................................................... 46 APPENDICES Appendix 1 Bond Terms Appendix 2 Havilafjord AS audited consolidated annual report 2017 & 2016 Appendix 3 Havilafjord AS unaudited Q3 report 2018 3 1. SUMMARY ‘Summaries are made up of disclosure requirements known as ‘Elements’. These elements are numbered in Sections A – E (A.1 – E.7). This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required
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