Debt financing

ISIN NO0010740392

ISIN:

NO0010740392

Ticker:

DNO01

Issuer:

DNO ASA

Maturity:

18.06.2020

Currency:

USD

Interest rate:

8.75 percent fixed (semi-annual interest payments)

Loan amount:

USD 200 million

Status of the bonds:

Senior unsecured

Call option:

N/A

Trustee:

Nordic Trustee ASA

VPS agent:

DNB Bank ASA

Lead managers:

ABG Sundal Collier, DNB Markets, Fearnley Securities and Pareto Securities

 

ISIN NO0010823347

 

ISIN:

 NO0010823347

Ticker:

Ticker to be confirmed

Issuer:

DNO ASA

Maturity:

31.05.2023

Currency:

USD

Interest rate:

8.75 percent fixed (quarterly interest payments)

Loan amount:

USD 400 million

Status of the bonds:

Senior unsecured

Call option:

Callable at a premium from 31.05.2021 and until maturity (American call options)

Trustee:

Nordic Trustee ASA

VPS agent:

DNB Bank ASA

Lead manager:

Pareto Securities AS

Co-managers:

Danske Bank and SpareBank 1 Markets AS

Bond ranking

The two bonds rank ahead of subordinated debt and rank at least pari passu with all of DNO’s other obligations, except for such claims including bankruptcy, insolvency, liquidation or other similar laws of general application.

Financial covenants

The bond loans include typical financial covenants on market terms. Inter alia, the bond loans require DNO to maintain a minimum equity ratio of 30 percent and liquidity of a minimum of USD 40 million. The Company can make dividend payments as long as liquidity is maintained above USD 80 million following any such dividend. There are no commitments related to further drawdowns on the bond loans.

Maturity

The DNO01 bond loan (ISIN NO0010740392) matures on 16 June 2020. DNO’s new bond loan (ISIN NO0010823347) matures on 31 May 2023.

Documents

The bond registration document, securities note and summary for DNO01 are available at the links below. The same documents for the new bond will be made available when completed.

For any questions, please contact:

Haakon Sandborg 

Chief Financial Officer
Telephone: (+47) 23 23 84 80