DNO International begins change-of-currency offer for three series of bonds

By Angela McDaniels

Tacoma, Wash., Dec. 1 - DNO International ASA began an offer on Friday to issue new bonds denominated in dollars for three series of outstanding bonds denominated in Norwegian kroner, according to a company news release.

The new bonds will have the same terms as the company's DNO06, DNO07 and DNO08 bonds, respectively, but will pay additional interest of 50 basis points.

The notes will be exchanged on a par-for-par basis, and holders will also receive accrued interest. DNO said the currency exchange rate will be determined at market rates prior to closing.

The offer will expire on Dec. 8.

The offer is being made in order to manage foreign exchange risk, and a substantial amount of holders have already agreed to exchange their bonds, the release stated.

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

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

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