Basware announced on 12 July 2021 that it has completed an amendment agreement of its debt facility with Macquarie Capital Principal Finance ("Macquarie"). In preparation for the completion of Sapphire BidCo Ltd.'s tender offer, the Board of Directors of Basware has on 6 July 2022 conditionally decided upon a prepayment of the debt and on related refinancing with a committed intra-group loan facility entered into between Basware and Sapphire BidCo. The prepayment value of the Macquarie debt will be approximately EUR 75 million and it will be financed with the committed intra-group loan facility between Sapphire BidCo and Basware.

The intra-group loan facility is unsecured with a total nominal value of EUR 86 million, an annual fixed interest rate of 6%, with no restrictive financial or other covenants and a maximum maturity of seven years. Basware has the right to utilize the remaining part of the intra-group loan for the prepayment of its EUR 10 million fixed rate notes due on 14 September 2023. As a result of the prepayment of the debt to Macquarie, Basware's Third Quarter 2022 finance expenses will be impacted by a one-off increase of approximately EUR 14 million in total.

The one-off increase in finance expenses consist of a prepayment cost of approximately EUR 9 million and an extinguishment accounting treatment of the current debt facility under IFRS9 of approximately EUR 5 million.