Noreco contemplates new bond issue
(Thomson Reuters ONE) - Stavanger, 14 October, 2009: Norwegian Energy Company ASA ("Noreco"or "the Company" - OSE:NOR), Noreco is contemplating to refinance theexisting bond loans NOR01 and NOR02 with two new bonds.-The recent NOK 1,200 million share issue has strengthened ourfinancial position, and gives us a solid foundation for valuecreation from our extensive portfolio. The planned bond refinancingis in line with our strategy, and is intended to further extend ourfinancial capacity, says CEO Scott Kerr.Noreco is contemplating to refinance the two existing bond loansNOR01 (NO 001037906.8) and NOR02 (NO 001037907.6) totaling NOK 2,240million (together the "Existing Loans") with two new bond issues (the"New Bonds"). The New Bonds will have 3 and 5 years duration,respectively, and the total aggregate amount of the New Bonds will beminimum NOK 1,750 million and maximum NOK 2,000 million.The New Bonds will have security in the Company's shares in AltinexASA and Siri Holdings Ltd.An application will be made for the New Bonds to be listed at OsloBørs.Subject to receiving subscriptions for minimum NOK 1,750 million inthe New Bonds, the Existing Bonds will be called according to theprevailing call options in the relevant Loan Agreement, by way ofsending a call notice to the bondholders in the Existing Bondsaccording to the Loan Agreement for such bonds.The net proceeds from the New Bonds will be used in its entirety torefinance the Existing Loans.Pareto Securities has been appointed as Sole Lead Manager for the newcontemplated bond issue and BNP Paribas, First Securities and SEBMerchant Banking are appointed as Co-Managers.Contacts:Scott Kerr, CEO (+47 99 28 38 90)Einar Gjelsvik, Vice President Strategy & IR (+47 99 28 38 56)Jan Nagell, CFO (+47 99 49 72 71)This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 14.10.2009 - 14:00 Uhr
Sprache: Deutsch
News-ID 6914
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