By Paul A. Harris
Portland, Ore., May 18 – Norwegian oil and gas operator DNO ASA announced in a Friday press release that it priced a $400 million of five-year senior bonds at par to yield 8¾%.
The deal, which was marketed by means of an accelerated book-building process, received strong investor demand across international markets and was oversubscribed, according to the company.
Pareto Securities AS acted as lead manager and bookrunner with Danske Bank and SpareBank 1 Markets AS as co-managers and bookrunners.
Proceeds will be used to refinance existing DNO01 bonds and for general corporate purposes.
DNO is a Norwegian oil and gas operator focused on the Middle East and the North Sea. It is listed on the Oslo Stock Exchange. The company holds stakes in onshore and offshore licenses in the Kurdistan region of Iraq, Norway, Oman, Somaliland, Tunisia, the United Kingdom and Yemen.
| Issuer: | DNO ASA
|
| Amount: | $400 million
|
| Tenor: | Five years
|
| Securities: | Senior unsecured bonds
|
| Lead manager and bookrunner: | Pareto Securities
|
| Co-managers and bookrunners: | Danske Bank, SpareBank 1 Markets AS
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Announcement date: | May 18
|
| Settlement date: | May 31
|
| Expected listing: | Oslo Stock Exchange
|
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