Reference is made to the announcement made Wednesday June 19 2013 regarding a contemplated offering of a senior unsecured bond. The Company is pleased to announce that the bond offering has been successfully completed, with a placement of NOK 1,900 million.
“This is the second time Det norske successfully taps into the high-yield bond market. With respect to volume this latest issue ranks among the largest ever in the Norwegian market and the company is very satisfied with the support it has received from the bond investors. The proceeds will contribute to the financing of both the Johan Sverdrup and Ivar Aasen offshore field development projects. Through these projects, Det norske will transform from an exploration company into a full cycle E&P company with a substantial oil production rate,”
Executive Chairman Sverre Skogen (picture) said.
The bond loan has a term of seven years and will be repaid in full at maturity. The bond carries a coupon of 3 months NIBOR + 5.00 percent. Settlement date is expected to be 2 July 2013. An application will be made for the bond to be listed on the Oslo Stock Exchange. DNB Markets, Nordea Markets, Pareto Securities, SEB and Swedbank First Securities acted as joint lead managers of the bond issue.