DNO International holders tender 65% of notes for exchange in change-of-currency offer

By Angela McDaniels

Tacoma, Wash., Dec. 9 - DNO International ASA said it received tenders for 981.5 million Norwegian kroner of bonds during a change-of-currency exchange offer that expired on Dec. 8.

Holders tendered 294 million kroner of the company's 580 million kroner DNO06 bonds, 438.5 million kroner of the 620 million kroner DNO07 bonds and 249 million kroner of the 300 million kroner DNO08 bonds.

In exchange for the tendered bonds, the company will issue new bonds denominated in dollars that have the same terms but will pay additional interest of 50 basis points.

The bonds will be exchanged on a par-for-par basis, and holders will also receive accrued interest.

The fixed coupon for the DNO07 bonds was fixed at 6.445%, according to a company news release.

DNO said the offer was calculated using an exchange rate of 7.0546 kroner per dollar.

The offer began on Nov. 28 and was made in order to manage foreign exchange risk, a prior news release stated.

Fearnley Fonds ASA acted as financial adviser in connection with the offer.

DNO is an oil and natural gas company based in Oslo.

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