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Home PRIVATE DEBT

Navamedic ASA: Amendments to loan agreements with Observe Medical ASA

Cisionby Cision
November 15, 2024
Reading Time: 4 mins read
in PRIVATE DEBT, SCANDINAVIA&BALTICS
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OSLO, Norway, Nov. 15, 2024 /PRNewswire/ — Navamedic has two loans to Observe Medical ASA, Loan 1 from 27 September 2019, where the current balance, including principal and accrued interest, is NOK 47,775,182 (as of Oct 31st, 2024) and Loan 2 from 6 September 2023, where the current balance, including principal and accrued interest, is NOK 6,083,868 (as of Oct 31st, 2024). Both loans currently have maturity date of 31.1.2025.

Observe Medical has contacted Navamedic with a request to postpone the maturity date of the loans. Navamedic has evaluated and negotiated different alternatives for the loans Navamedic has granted to Observe Medical.

Navamedic has agreed to the following amendments to the two loan agreements:

Navamedic has agreed to convert NOK 16,354,815.20 of Loan 1 into shares in Observe Medical ASA at a subscription price of NOK 0.40 per share, provided that Observe Medical completes its contemplated subsequent offering at a subscription price of NOK 0,40 with gross proceeds of at least NOK 1.500.000. In total 40,887,038 new shares will be issued to Navamedic upon completion of the conversion.

Following the conversion, the outstanding balance, including interest, of Loan 1 will be approximately NOK 31,500,000. The due date of Loan 1 will be postponed from January 31st, 2025 to December 31st, 2027, where interest payments will be made monthly from April 1, 2025 until December 31st, 2025, following which an amortization schedule commences, with both principal and interest payments being paid monthly and the remaining balance will fall due in full on December 31st, 2027. The interest rate and other terms on Loan 1 will remain unchanged.

Navamedic has further agreed to amend Loan 2 and postpone the due date until December 31st, 2027, with interest payments starting on April 1, 2025 and the remaining balance falling due in full at the due date. The interest rate and other terms on Loan 2 will remain unchanged.

In the event that Observe Medical’s subsequent offering is not completed with a subscription price of NOK 0.40 with gross proceeds of minimum NOK 1.500.000, the agreed amendments to the loan agreements including the agreed conversion of parts of Loan 1, will not be implemented.

For further information, please contact:

Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
E-mail: kathrine@navamedic.com 

Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com

This announcement contains information considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The announcement was published by Lars Hjarrand, CFO of Navamedic ASA, on 15 November 2024 at the time set out above.

About Navamedic

Navamedic ASA is a Nordic pharmaceutical company dedicated to enhancing people’s quality of life by being a reliable supplier of high-quality prescription, consumer health, and hospital products to hospitals and pharmacies. Our growing product portfolio has been carefully selected to meet current public health concerns, such as obesity, Parkinson’s disease, and gastro-related ailments, to empower people to live healthier and more fulfilling lives.

What sets us apart is our deep-rooted commitment to understanding the needs and requirements of the countries where we are present. Our local insight and competence enable us to understand the specific needs of each country where we operate and ultimately to gain market access. This makes us a preferred partner for international companies expanding their footprint across the Nordics and Benelux regions, through either in-licensing or out-licensing. Navamedic has been listed on the Oslo Stock Exchange since 2006 (ticker: NAVA) and is headquartered in Oslo, Norway.

For more information, please visit Navamedic.com.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/navamedic-asa/r/navamedic-asa–amendments-to-loan-agreements-with-observe-medical-asa,c4067251

Cision View original content:https://www.prnewswire.co.uk/news-releases/navamedic-asa-amendments-to-loan-agreements-with-observe-medical-asa-302307005.html

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