Noreco completes refinancing of NOR01 and NOR02 bonds and new bond
issue of NOK 2,000 million
Stavanger, 30 November, 2009: Norwegian Energy Company ASA ("Noreco"
or "the Company" - OSE:NOR) has successfully completed the issue of
two new bonds totaling NOK 2,000 million and the redemption of the
NOR01 and NOR02 bonds. This completes the bond refinancing announced
in October and further extends Noreco's financial capacity and
reduces 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 and
includes a NOK 750 million 3 year bond with a coupon of 3 months
NIBOR + 7.90 % p.a. and a NOK 1,250 million 5 year bond with a fixed
rate coupon of 12.90 % p.a.. The New Bonds are bullet loans with no
installments. An application will be made for the New Bonds to be
listed at Oslo Børs.
- This refinancing extends the maturity of the loans, reduces the
borrowing costs and puts in place a leaner covenant structure which
gives the company more flexibility, says Scott Kerr.
The two existing bonds NOR01 (NO 001037906.8) and NOR02 (NO
001037907.6) totaling NOK 2,240 million (together the "Existing
Bonds") have been redeemed today as scheduled and this completes the
refinancing of the Existing Bonds.
Pareto Securities has acted as Sole Lead Manager for the new bond
issue and BNP Paribas, First Securities and SEB Merchant Banking have
acted as Co-Managers.
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.