BEVEST (BINT) Investor presentation summary

Transaction overview

• Contemplating a NOK 1,000m senior secured bond with a 3.25-year tenor, secured by pledges over shares in key holdings and guaranteed by Frøya Invest AS.

• Net proceeds will refinance seller credit, partially repay the super senior revolving credit facility (SSRCF), pay hybrid bond interest, and for general corporate purposes.

• Pro forma net loan-to-value (LTV) will be 29% (group) and 31% (security package), reflecting low gearing and strong asset coverage.

• Two financial maintenance covenants: net LTV ≤ 50% and minimum liquidity of NOK 100m.

• Bondholders have a put option at 101% of par in certain events; bonds to be listed on Oslo and Frankfurt exchanges.

Key credit highlights

• 45-year track record of value creation, led by the Bekken family, with successful IPOs, M&A, and active ownership.

• Diversified portfolio across industrial manufacturing, seafood, and real estate, exposed to sustainability and energy efficiency megatrends.

• Conservative balance sheet with net LTV of ~29% and strong asset backing from high-quality, tangible assets.

• Multiple liquidity levers: recurring upstream cash flows, selective divestments, and capital market access.

• Long-term, hands-on ownership by industrial families ensures strong governance and alignment with bondholders.

Portfolio and asset overview

• Largest holdings: 51.1% of BEWI ASA (NOK 2,112m GAV) and 31.1% of Sinkaberg AS (NOK 2,536m GAV), plus 100% of Corvus Estate AS.

• BEWI ASA: Leading European provider of packaging and insulation, with a clear deleveraging path and strong market position.

• Sinkaberg: Top-performing, fully integrated salmon farmer with low leverage and consistent dividend payouts.

• Corvus Estate: Real estate platform focused on value creation through portfolio rotation and strategic M&A.

• Specialist investments in industrials and seafood, including BEFORM, Delprodukt, BEWI Energy, Kokkeriet, and FiiZK.