Oslo, 15 March 2022: Reference is made to the stock exchange announcements by
SATS ASA ("SATS" or the "Company") published on (i) 16 February 2022 regarding
the successful completion of a private placement of new shares (the "Private
Placement"), and (ii) on 15 March 2022 regarding the registration of the share
capital increase pertaining to the second tranche of the Private Placement with
the Norwegian Register of Business Enterprises.
The one year extension of the Company's current lending facilities until
September 2025, and the more flexible terms for the currently applicable
covenants take effect as of today following the registration of the share
capital increase pertaining to the second tranche of the Private Placement with
the Norwegian Register of Business Enterprises.
The one year extension is for the full amount of NOK 2.5 billion under the
lending facilities, as both of the Company's lenders have agreed to the
extension. The adjusted covenants will be applicable to and including 31
December 2023, subject to voluntary cancellation by the Company at any time. The
adjusted covenants set out quarterly minimum levels for liquidity and reported
EBITDA, with the latter entering into force from Q1 2023. SATS will not
distribute any dividend to the shareholders during the amendment period and
shall be compliant with the original covenants once the amendment period
expires.
For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Martin Stenshall, acting Finance and Investor Relations Manager, phone: +47 473
38 331
About SATS:
SATS is a Nordic fitness club chain, with over 260 clubs, and operating through
its brands and concepts SATS, ELIXIA, Fresh Fitness, HiYoga and Mentra by SATS.
SATS has a broad training offering with great flexibility for its almost 670,000
members, including modern fitness equipment, individual and group training,
personal training, online training, physiotherapy and other health and fitness
related products and services. SATS is headquartered in Oslo, and has close to
9,000 in Norway, Sweden, Finland and Denmark. For more information about SATS,
please see www.satsgroup.com.
