rss icon Subscribe
desktop mobile

DNO Completes $400mln Bond Placement

Image: DNO ASA

Laxman Pai

The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it 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, said a press release from Norway's oldest oil company. 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 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 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.

Founded in 1971 and listed on the Oslo Stock Exchange, DNO holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, United Kingdom, Netherlands, Ireland and Yemen.

May 17, 2019

 

Finance

SAAM Places $42 Million in Bonds

(Photo: SAAM)

SAAM, operator of port, towage and logistics services in the Americas, placed a total of UF 1.

Carnival's Credit Rating Cut to Junk Status by S&P

File photo: Carnival Corp

Ratings agency Standard & Poor’s on Tuesday downgraded bonds of Carnival Corp to junk status

Carnival Posts $4.4 Billion Quarterly Loss

(File photo: Carnival Corp)

Carnival Corp reported a quarterly net loss of $4.4 billion on Thursday, as the cruise operator

Energy

Fred. Olsen Windcarrier Picks Jack-Up for 1600t Huisman Crane

Fred. Olsen Windcarrier Jack-ups - Credit: Fredi. Olsen Windcarrier

Offshore wind turbine installation company Fred. Olsen Windcarrier back in March said it had

MAN Compressors for Yinson's Brazil-bound FPSO

MAN compression system / Credit: Man

MAN Energy Solutions will deliver six compressor trains for Yinson's FPSO being built for

Huisman to Deliver Cranes for First Taiwan-built Offshore Installation Vessel

Green Jade - Credit: DEME

Dutch industrial equipment provider Huisman will deliver cranes for the first Taiwan-built

Maritime Apps