Det norske oljeselskap ASA (“DETNOR”) today summons to a bondholders’ meeting in its DETNOR02 bond loan to request certain amendments to the bond agreement.
The Company has obtained confirmation of support from Bondholders holding in excess of 50 percent of the outstanding bonds to vote in favor of the Proposal set out in section 2 in the attached Summons.
The proposal to bondholders includes, inter alia, removal of restrictions related to dividend disbursements and is replaced by a put option. As compensation, the DETNOR02 bonds will be repaid at 107 percent of par (+3 percent compared to the previous repayment level) at maturity in 2020.
Please see the attached summons to the bondholders’ meeting for further information.