AKA AS sells property companies, reduces debt by NOK 49m

AKA AS, issuer of bonds with ISIN NO0011029399, announced the sale of Vardø Handelseiendom AS and Hammerfest Handelseiendom Nord AS, referred to as the "Sold Property Companies." These entities own properties in Vardø and Hammerfest municipalities. The sales are set to close on October 15, 2025.

Proceeds from these sales will facilitate a partial repayment of the bond loan, totaling NOK 49,057,053. This includes NOK 15,594,295 attributed to Vardø Eiendommen and NOK 33,462,758 to Hammerfest Eiendommen. The repayment date is scheduled for October 17, 2025. It will include accrued unpaid interest and a premium calculated before the sales are completed. The transaction aligns with section 3.9 (a)(ii) of the bond agreement, which allows for partial repayment upon the sale of a property company.

Following the repayment, security interests related to the sold property companies and their properties will be released. The nominal value of the bond will also be adjusted from NOK 1,000,000 to NOK 1. Financial director Thomas Simonsen confirmed that loan documents and security arrangements will be amended to reflect that the divested entities are no longer considered property companies under the agreement.