“This is a very important step to secure a strong financial platform for further development of the company. The new loan facility will provide increased flexibility over the next two years and resolves our funding requirements up to 2017. We are very pleased with our close cooperation with DNB and Nordea in agreeing head terms for refinancing in a challenging credit market”, says Trond Stabekk, CFO in Kongsberg Automotive.

The new facility will lift the covenant related to near term earnings and will establish a new margin structure depending on the net gearing ratio.

The refinancing will be done through a revolving credit facility consisting of the following:

A NOK 130.5 million loan with Innovasjon Norge is not affected by a new bank financing.

The signing of the loan agreement will take place in the first quarter 2012.

Key terms in the new agreement: