Noreco holders convert half of 6% convertibles after company offers premium

By Angela McDaniels

Tacoma, Wash., July 3 - Norwegian Energy Co. said holders of NOK 211.5 million, or 49.2%, of its outstanding NOK 430 million 6% Noreco convertible bonds converted their bonds on Monday, Tuesday or Wednesday.

The company offered to pay a cash premium of 7% to holders who converted during that period.

Holders of NOK 162 million of the bonds gave pre-acceptance before the offer began on Monday, according to a previous company news release.

Noreco is an oil and gas company based in Stavanger, Norway.

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