Insider news: Sunborn International joint venture project continues – Sunborn (Gibraltar) Ltd initiates written proceedure to amend the terms of its bonds

Company announcement
Sunborn International Plc
11 September 2025 at 17:00 

Sunborn International Corporation ("SBI") and Singapore-based XNS Holdings PTE. LTD. ("XNS") have agreed to extend the schedule for the joint venture project and the sale of a majority interest in a Gibraltar-based vessel owned by Sunborn (Gibraltar) Ltd, a subsidiary of Sunborn International Corporation. At the same time, Sunborn (Gibraltar) Ltd will initiate written proceedings to amend the terms of its bond by postponing the final maturity date of the bond. 

According to a press release issued by the company on 25 March 2025, SBI's subsidiaries Sunborn International Holding Oy and Sunborn (Gibraltar) Ltd had signed a conditional agreement for the joint venture project and the acquisition of a majority interest in a Gibraltar-based vessel with XNS (the "Transaction"). Pursuant to the agreement, ownership of the Gibraltar-based vessel will be transferred to XNS, enabling both its future transfer after the termination of the current charter agreement and the development of a new vessel in Gibraltar. In order to provide XNS with additional time to obtain the necessary regulatory approvals and regulatory approvals, SBI has agreed with XNS to extend the transaction completion schedule. 

However, this schedule is unlikely to be sufficient to allow the Sunborn (Gibraltar) Ltd Notes to be redeemed in accordance with their current final maturity date of 15 September 2025. 

Sunborn (Gibraltar) Ltd has focused its efforts on securing bridge financing and is actively pursuing two viable options to enable the Notes to be redeemed in full. Both options are progressing, with the primary financing option being particularly advanced, having already received a number of committee reviews and approvals. Sunborn (Gibraltar) Ltd estimates that this option could materialise in the coming weeks. 

Accordingly, SBI has initiated a written proceedure to amend the terms of the Notes. The written procedure will commence today, 11 September 2025, in accordance with the notice of the written procedure sent to the bondholders. Bondholders may participate in the procedure by submitting their votes no later than 7 October 2025. A decision in the written procedure may be made and the procedure concluded earlier if a sufficient majority of votes is obtained. 

In order to allow the voting period in the written procedure to elapse properly, the bond agent, Nordic Trustee & Agency AB (publ), has entered into an amendment agreement with Sunborn (Gibraltar) Ltd, pursuant to which the maturity date of the bonds is extended until 8 October 2025 (the “Technical Extension”). 

The proposal is to amend the terms of the bonds so that the new final maturity date is 27 October 2025. 

The purpose of the written procedure is to provide the bond issuer with sufficient time to complete the available bridge financing to effect the redemption of the bonds. 

For further information, please contact: 

Hans Niemi, CEO 
Sunborn International Plc 
hans.niemi@sunborn.com
+358 2 445 4513 

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

Distribution: Nasdaq 
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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