Faroe Petroleum holds 14.2% of 8% bonds due 2023 after put exercise

By Susanna Moon

Chicago, Feb. 27 – Faroe Petroleum plc, a subsidiary of DNO ASA, said that after the put option exercise notices under the company’s 8% senior bonds due April 28, 2023, it now holds $14.2 million, or 14.2%, of the notes.

The company said on Jan. 17 that the notes were putable due to a change of control that occurred under the note terms.

The notes were putable until Feb. 16 at 101 plus accrued interest.

Settlement will occur on Feb. 26.

The notes were issued in 2017.

Faroe Petroleum is an independent oil and gas company based in Aberdeen, Scotland, focused on exploration in the Atlantic Margin, the North Sea and Norway.

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