DNO Considers $300m Bond Issue

DNO International, the Norway-based oil exploration and production company with operations in Iraqi Kurdistan, has reported that it is considering a senior unsecured bond issue of USD 200-300 million, maturing in 2016.

The purpose of the loan is refinancing and general corporate purposes.

Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA have been appointed as managers for the new possible bond issue.

(Source: DNO)

One Response to DNO Considers $300m Bond Issue

  1. Ahmed Mousa Jiyad 10th March 2011 at 08:15 #

    Yes, But Norwegian police charged DNO over KRG contracts’ shares!

    Today the Norwegian police have charged DNO International following an investigation into a share deal carried out by the company in 2008 involving DNO's Tawke and Duhok production sharing contracts with KRG.
    After DNO was fined by the Oslo Stock Exchange for not providing enough information about the share sale, Norwegian police launched In October 2009 a formal investigation into the transaction after it was asked by Norway's financial sector watchdog Kredittilsynet to evaluate the case.
    As background, in October 2008 DNO sold 44 million of its own treasury shares for Nkr175.5 million ($31.2 million), to help pay for its operations in the Kurdish region of Iraq. However it later emerged that KRG helped DNO with the sale and the shares later ended up in the hands of Turkey's Genel Enerji, which has interests in DNO's Tawke and Duhok production sharing contracts in the region. DNO was later fined by the Oslo Stock Exchange for not providing enough information about the share sale. Oslo bourse later found out through another source that the KGR’s Oil minister Ashti Hawrami had acted as the middle man for the deal, and DNO the company was fined Nkr800,000 for not revealing Hawrami’s involvement in the deal when the request was first made by the Oslo bourse.
    Yesterday, police informed DNO that they believed the company and its representatives, managing director Helge Eide and chairman Berge Gerdt Larsen, had breached the disclosure obligations in 2008 towards the Oslo Stock Exchange and in relation to the Securities Trading Act with respect to market manipulation allegations.
    In a statement today DNO said, "DNO will defend itself and its representatives rigorously against such unfounded charges,"

    Best regards,
    Ahmed Mousa Jiyad,
    [email protected]
    10 March 2011