Norway's Noreco launches Dutch auction tender for three note series

By Susanna Moon

Chicago, Aug. 17 - Norwegian Energy Co. ASA (Noreco) said it began a cash tender offer for up to NOK 270 million of three series of bonds.

The offer will be priced by Dutch auction at 98 to par for its 9.96% notes due 2012, 97 to par for its 12.9% bonds due 2014 and 95 to par for its floating-rate bonds due 2013.

Noreco also will pay accrued interest.

The offer will end at 5:30 p.m. ET on Aug. 17.

Arctic Securities ASA (attn: fixed-income sales at 47 21 01 31 91) and Pareto Securities AS (attn: fixed-income sales at 47 22 87 87 70) are the agents.

Noreco is a Stavanger, Norway-based energy company.

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