New Issue: Norwegian Property plans placement of stock for up to NOK 1.45 billion

By Devika Patel

Knoxville, Tenn., June 9 - Norwegian Property ASA said it plans a private placement of shares for between NOK 1.21 billion and NOK 1.45 billion.

The company will sell 201.6 million shares a price between NOK 6.00 to NOK 7.20 per share.

The managers have received significant pre-commitments from existing shareholders and new investors, the company said in a press release.

Proceeds will be used to repay debt in order to strengthen the balance sheet and improve covenant ratios.

Based in Oslo, Norway, Norwegian Property is a real estate company.

Issuer:	Norwegian Property ASA
Issue:	Stock
Amount:	NOK 1,209,600,000 (minimum), NOK 1,451,520,000 (maximum)
Shares:	201.6 million
Price:	NOK 6.00 (minimum), NOK 7.20 (maximum)
Warrants:	No
Settlement date:	June 9
Stock symbol:	Oslo: NPRO

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