Nobina seeks refinancing of 9.125% Senior Secured Notes

Reference is made to the press release on May 18, where invitation to an information session was sent to existing noteholders in the Nobina Europe AB 9.125% Senior Secured notes with maturity on August 1, 2012. The noteholder information session was held in London on May 25, 2012.

Nobina Europe AB aims to refinance its Senior Secured Notes of EUR 85 million maturing on August 1, 2012, and is very focused on reaching a consensual solution within this date. Nobina AB’s financial advisors, Swedbank First Securities and Handelsbanken Capital Markets, have been in close dialogue with noteholders representing approximately 98% of the outstanding notes. At the information session on May 25, 2012, two noteholders representing approximately 50% came forward with a bond exchange proposal. All noteholders had the option to go private and receive more information about the proposal that has evolved to the following main terms:

• Issuer, guarantors, security, and covenants as per existing notes
• Approximately 2.5 year maturity with option for the Issuer to extend to 3 years subject to bondholders consent
• A 20% target IRR anticipated to be comprised of coupon and an issue discount giving around 15% IRR. The possibility of an equity kicker/component is also under discussion
• Callable at any time
• Amortization features

Based on these headline terms the advisors have successfully collected support in principle from approximately 80% of all the notes. The Nobina advisors, management, board, and main stakeholders are in close dialogue with nearly 20% of the remaining notes in order to reach an agreement on terms and conditions for the bond exchange. Execution and settlement of the bond exchange is expected to take place no later than August 1, 2012.

A part-equitization proposal has also been tabled by a noteholder, however the advisors have not found meaningful noteholder support for this.

Swedbank First Securities and Handelsbanken Capital Markets have been retained as Nobina AB's financial advisors.

For questions regarding the bond exchange proposal, please contact Swedbank First Securities as Coordinator:
Einar U. Johansen, Swedbank First Securities, einar.johansen@swedbank.no, +47 2323 8061
Anders Håkonsen, Swedbank First Securities, anders.hakonsen@swedbank.no, +47 2323 8272

For any other questions, please contact:
Per Skärgård, CFO Nobina AB, per.skargard@nobina.com, +46 (8) 410 65 056
Ingrid Håkanson, IR-manager Nobina AB, ingrid.hakanson@nobina.com, +46 (8) 410 650 51

The Nobina Group is the largest bus passenger transport company in the Nordic region. The operations include contractual regional traffic in Sweden, Denmark, Norway and Finland as well as independently operated interregional traffic through Swebus. The Nobina group has annual sales close to SEK 7 billion, operates 3,500 buses and, with more than 260 million passenger journeys per year, is one of the major passenger transport companies in northern Europe. For more information, please visit www.nobina.com

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