DNO Completes USD 400 Million Bond Placement
(Thomson Reuters ONE) -
Oslo, 9 June 2015 - DNO ASA, the Norwegian oil and gas operator, has completed
the placement of USD 400 million of new, five-year senior unsecured bonds with a
coupon rate of 8.75 percent and an issue price of 87.5 percent of par value. The
bond placement received strong investor demand across international markets and
its combination of a fixed coupon rate and an original issue discount was
designed to meet market yield expectations while reducing the debt service
impact on the Company's operating cash flow.
The bond placement is expected to complete on or about 18 June 2015, subject to
customary conditions precedent. An application will be made for the bonds to be
listed on the Oslo Stock Exchange. Net proceeds from the newly issued bonds will
be used, among other purposes, to call the Company's existing NOK-denominated
bonds and lock in a substantial foreign exchange gain.
ABG Sundal Collier, DNB Markets, Fearnley Securities and Pareto Securities acted
as joint lead managers and bookrunners for the bond issue.
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For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
Tel: +47 911 57 197
--
DNO is a Norwegian oil and gas operator focused on the Middle East and North
Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds
stakes in onshore and offshore licenses at various stages of exploration,
development and production in the Kurdistan region of Iraq, Yemen, Oman, the
United Arab Emirates, Tunisia and Somaliland.
--
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO ASA via GlobeNewswire
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