Noreco completes refinancing of NOR01 and NOR02 bonds and new bond
issue of NOK 2,000 million
(Thomson Reuters ONE) - Stavanger, 30 November, 2009: Norwegian Energy Company ASA ("Noreco"or "the Company" - OSE:NOR) has successfully completed the issue oftwo new bonds totaling NOK 2,000 million and the redemption of theNOR01 and NOR02 bonds. This completes the bond refinancing announcedin October and further extends Noreco's financial capacity andreduces the borrowing cost for the company.The two new bonds with ISIN NO 001 054843.1 and ISIN NO 001 054844.9(the "New Bonds") were issued as scheduled 20 November 2009 andincludes a NOK 750 million 3 year bond with a coupon of 3 monthsNIBOR + 7.90 % p.a. and a NOK 1,250 million 5 year bond with a fixedrate coupon of 12.90 % p.a.. The New Bonds are bullet loans with noinstallments. An application will be made for the New Bonds to belisted at Oslo Børs.- This refinancing extends the maturity of the loans, reduces theborrowing costs and puts in place a leaner covenant structure whichgives the company more flexibility, says Scott Kerr.The two existing bonds NOR01 (NO 001037906.8) and NOR02 (NO001037907.6) totaling NOK 2,240 million (together the "ExistingBonds") have been redeemed today as scheduled and this completes therefinancing of the Existing Bonds.Pareto Securities has acted as Sole Lead Manager for the new bondissue and BNP Paribas, First Securities and SEB Merchant Banking haveacted as Co-Managers.Contacts:Einar Gjelsvik, Vice President Strategy & IR (+47 99 28 38 56)This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.11.2009 - 17:09 Uhr
Sprache: Deutsch
News-ID 9033
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"Noreco completes refinancing of NOR01 and NOR02 bonds and new bond
issue of NOK 2,000 million"
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