CEVA Group Plc Enters into Commitment Letter for a New First Lien Senior Secured Term Loan Facility

Hoofddorp, the Netherlands, 19 April, 2018 – CEVA Group Plc (“CEVA” or the “Company”) entered into a commitment letter (the “Commitment Letter”) with Deutsche Bank AG Cayman Islands Branch for a new first lien senior secured term loan facility (the “New Term Loan”) in an aggregate principal amount of $250 million. Under the Commitment Letter, Deutsche Bank AG Cayman Islands Branch has committed to provide the New Term Loan, the proceeds of which would be used to repay and terminate, refinance and replace in full the Company’s existing $250 million first lien senior secured revolving credit facility that matures in 2019 (the “Existing Revolving Credit Facility”). The New Term Loan would be incurred as an incremental term loan facility under the Company’s Fourth Amended and Restated Credit Agreement dated as of 19 March, 2014, as amended, and has the benefit of the same guarantors and collateral as the Existing Revolving Credit Facility. The New Term Loan would have a 5 year term, provided that the maturity date would automatically accelerate (x) to 1 September, 2020 if the then outstanding principal amount of 9.0% First Lien Senior Secured PIK Notes due 2020 of the Company was greater than $100 million or (y) to the maturity date of any refinancing indebtedness in respect of the 9.0% First Lien Senior Secured Notes due 2020 if such refinancing indebtedness was greater than $100 million and would otherwise mature prior to the New Term Loan. Interest under the New Term Loan would be based on the LIBOR rate plus a margin. The Company has sole discretion until 19 July, 2018 to determine whether it will exercise its right under the Commitment Letter to enter into the New Term Loan.