Bond financing

DNO has established bond facilities with Nordic Trustee ASA as trustee for the bondholders. The financial covenants of the bonds issued by DNO require minimum USD 40 million of liquidity, and that the Group maintains either an equity ratio of 30 percent or a total equity of a minimum of USD 600 million.

Bond	DNO05	NO0013511113
ISIN:	NO0013243766	NO0013511113
Ticker:	DNO05	TBD
Issuer:	DNO ASA	DNO ASA
Issue date:	4 June 2024	27 March 2025
Maturity:	4 June 2029	27 March 2030
Currency:	USD	USD
Interest rate:	9.25 percent fixed (quarterly interest payments)	8.5 percent fixed (quarterly interest payments)
Loan amount:	USD 400 million	USD 600 million
Status of the bonds:	Senior unsecured	Senior unsecured
Call option:	Callable at a premium from 4 June 2027 and until maturity (American call options)	Callable at a premium from 27 March 2028 and until maturity (American call options)
Trustee:	Nordic Trustee ASA	Nordic Trustee ASA
Paying agent:	Pareto Securities AS	Pareto Securities AS
Global coordinator and joint bookrunner:	DNB Markets, part of DNB Bank ASA, and Pareto Securities AS	DNB Markets, part of DNB Bank ASA, and Pareto Securities AS
Listed on Oslo Stock Exchange:	8 November 2024	To be listed within six month after issue date

Bond ranking
The 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 financial covenants of the bonds issued by DNO require minimum USD 40 million of liquidity, and that the Group maintains either an equity ratio of 30 percent or a total equity of a minimum of USD 600 million.

DNO05 bond documents
The bond registration document, securities note and summary for DNO05 are available at the links below.

DNO04 bond documents
On 27 March 2025, DNO announced key information relating to the full redemption of DNO04 (USD 350 million outstanding). The new maturity date was set to 10 April 2025. The bond registration document, securities note and summary for DNO04 are available at the links below.