StatoilHydro begins consent solicitation for five series of notes

By Angela McDaniels

Tacoma, Wash., Oct. 29 - StatoilHydro ASA said it is soliciting consents to amend five series of notes in order to transfer legal ownership of its Norwegian Continental Shelf assets to its wholly owned subsidiary, StatoilHydro Petroleum AS.

The five series of notes are StatoilHydro's €20 million step-up notes due 2029, £225 million 6 1/8% notes due 2028, ¥5 billion fixed-rate notes due 2012, €500 million 5 1/8% notes due 2011 and $375 million 5¾% notes due 2009.

The company is offering a consent payment equal to 0.3% of par for consents granted by noon ET on Nov. 13. For consents granted after the early expiration deadline but before 5 a.m. ET on Nov. 25, the consent payment will equal 0.1% of par.

Meetings of the noteholders will be held on Nov. 27 to vote on the extraordinary resolutions that would effect the amendments.

StatoilHydro said the transfer of its Norwegian Continental Shelf assets to StatoilHydro Petroleum would simplify the asset structure of its group companies and result in a group structure customary for oil and gas companies, including the group's market peers.

In connection with the transfer, StatoilHydro Petroleum would agree to unconditionally and irrevocably guarantee StatoilHydro's obligations under the notes, according to a company news release.

Barclays Capital (+44 020 7773 8990) is the solicitation agent, and Lucid Issuer Services Ltd. (+44 020 7704 0880) is the information agent and tabulation agent.

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

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