Sunborn International subsidiary joint venture project and contingent arrangement overall schedule extended – Sunborn (Gibraltar) Ltd initiates written procedure to amend the terms of the bond

Company Announcement
Sunborn International Plc
27 June 2025 at 15:30 

INSIDE INFORMATION: OVERALL SCHEDULE FOR SUNBORN INTERNATIONAL PLC'S SUBSIDIARY JOINT VENTURE PROJECT AND CONTINGENT ARRANGEMENT IS EXTENDED – SUNBORN (GIBRALTAR) LTD INITIATES WRITTEN PROCEDURE TO AMEND THE TERMS OF THE BOND 

Sunborn (Gibraltar) Ltd, a subsidiary of Sunborn International Plc (“SBI”), and Singapore-based XNS Holdings PTE. LTD. (“XNS”) have agreed to extend the overall schedule for the joint venture project and the contingent arrangement related to the Gibraltar vessel owned by Sunborn (Gibraltar) Ltd. At the same time, Sunborn (Gibraltar) Ltd will initiate written procedures to amend the terms of the bond by postponing the final maturity date of the loan and making changes to the applicable redemption prices. 

According to a company release issued by SBI on 25 March 2025, SBI’s subsidiaries Sunborn International Holding Oy and Sunborn (Gibraltar) Ltd have signed an agreement for a joint venture project and a Gibraltar platform arrangement with Singapore-based XNS (the “Transaction”). SBI has agreed with XNS on an extended schedule for the completion of the Transaction. The Transaction is progressing as planned, but is expected to be completed by 31 July 2025, contrary to the previously anticipated date. The agreement includes a 30-day cure period in the event of a potential breach of contract. 

As a result of the change in the schedule of the Transaction, the repayment of the bond issued by Sunborn (Gibraltar) Ltd will not be completed as planned by the current final maturity date of 4 July 2025. SBI has entered into negotiations with a group representing a majority of the bondholders of Sunborn (Gibraltar) Ltd to commence a written procedure to amend the terms of the Notes. The written procedure will commence today, 27 June 2025, in accordance with the notice of the written procedure to be provided to bondholders. Bondholders may participate in the procedure by submitting their votes no later than 23 July 2025. The decision under the written procedure may be adopted and the procedure concluded earlier if a sufficient majority of votes is reached. The majority of the bondholders have given their preliminary support to the amendment of the terms in the written procedure, subject to certain information requests being met. The bond trustee, Nordic Trustee & Agency AB (publ), has granted the Notes a temporary technical extension to complete the written procedure. 

The terms of the Notes are proposed to be amended so that the new final maturity date of the Notes is 15 September 2025. In addition, a new term relating to the redemption prices of the Notes is proposed to be added, according to which, upon completion of the Transaction, Sunborn (Gibraltar) Ltd shall redeem all outstanding Notes in full at an amount equal to 110 per cent of the nominal amount plus accrued but unpaid interest per Note, no later than the Final Maturity Date. In other circumstances, a redemption price of 103 per cent shall apply to the redemption. 

The purpose of the written procedure is to provide the Issuer of the Notes with sufficient time to finalise the ongoing actions to effect the redemption of the Notes. 

For further information, please contact: 

Hans Niemi,
CEO Sunborn International Plc 
hans.niemi@sunborn.com
+358 44 556 6132 

Certified advisor: Nordic Certified Adviser AB, puh. +46 70 551 67 29 

Distribution: 

Nasdaq Helsinki
Key media 
www.fi.sbih.group 
www.sbih.group 

Sunborn International 

Sunborn International is an innovative developer, owner and operator of high-quality yacht hotels and other floating real estate with global operations. Yacht hotels and floating real estate offer an opportunity to utilise unused water space in city harbours and prestigious waterfront locations. 

Sunborn International currently owns two yacht hotels located in London and Gibraltar, which combine exclusive accommodation, restaurant services, conference and event venues. Sunborn International is an industry pioneer, with extensive experience in shipbuilding and vessel design as well as developing waterfront areas and harbours and tackling permitting processes in various countries. The company is actively expanding into new markets, with yacht hotel development projects in London, Vancouver and around the world. 

Further information: www.sbih.group