DNO Successfully Raises $240m

DNO, the Norwegian oil company with operations in Iraqi Kurdistan, has announcee that the bond offering it announced on 9th March has been completed on 30th March, 2011. The bond issue was split between a USD tranche of approx. USD 140 million and a NOK tranche of approx. NOK 560 million, for a combined amount equivalent to approx. USD 240 million.

The new bond issue has a five year tenor and carries a floating interest rate of LIBOR/NIBOR + 7.50%. The purpose of the bond issue is to refinance the Company's existing bond debt and for general corporate purposes.

DNO has in connection with the bond issue agreed to purchase the aggregate of USD 170.3 million and NOK 307.5 million of its various outstanding bond issues. The new bond issue will be listed on the Oslo Stock Exchange.

ABG Sundal Collier ASA, Fearnley Fonds ASA and Pareto Securities AS acted as joint lead managers for the bond issue.

Comments are closed.