• 2019 May 18 14:51

    DNO completes USD 400M bond placement

    DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent. The bond placement received strong investor demand across international markets and was oversubscribed.

    The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreed to buy back USD 60 million in nominal value of DNO01 bonds (ISIN NO 0010740392) at 104.16 percent of par plus accrued interest and USD 10 million in nominal value of FAPE01 bonds originally issued by Faroe Petroleum plc in 2017 (ISIN NO 0010811268) at 107.50 percent of par plus accrued interest. In addition to partial refinancing of the DNO01 and FAPE01 bonds, net proceeds from the new bond issue will be used for general corporate purposes.

    Danske Bank and Pareto Securities AS acted as joint lead managers and bookrunners with SpareBank 1 Markets AS as co-manager and bookrunner.


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