Debt 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.

 

ISIN NO0010823347

 

ISIN:

NO0010823347

Ticker:

DNO02

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:

Danske Bank

Lead manager:

Pareto Securities AS

Co-managers:

Danske Bank and SpareBank 1 Markets AS

Additional info

In June 2018 bondholders approved of harmonizing the terms and covenant structure of DNO01 and DNO02.



ISIN NO0010852643

  

ISIN:

NO0010852643

Ticker:

DNO03

Issuer:

DNO ASA

Maturity:

29.05.2024

Currency:

USD

Interest rate:

8.375 percent

Loan amount:

USD 400 million

Status of the bonds:

Senior unsecured

Call option:

 Yes

Trustee:

Nordic Trustee ASA

VPS agent:

N/A

Lead managers:

Danske Bank and Pareto Securities

Co-managers:

 SpareBank 1 Markets AS

Additional info

 As this new bond loan was completed through a private placement in May 2019, it was announced that the Company would apply for the bonds to be listed on the Oslo Stock Exchange. The bond was listed on 28 February 2020. 

 

ISIN NO0010811268

 

ISIN:

NO0010811268

Ticker:

 FAPE01 PRO

Issuer:

DNO ASA

Maturity:

28.04.2023

Currency:

USD

Interest rate:

8 percent

Loan amount:

USD 85.8 million

Status of the bonds:

Senior unsecured

Call option:

Yes

Trustee:

Nordic Trustee ASA

VPS agent:

Danske Bank

Lead manager:

Sparebank 1 Markets AS, Danske Bank A/S, Skandinaviska Enskilda Banken AB, Pareto Securities AS, DNB Markets

Additional info

In connection with the placement of NO0010852643 on 29 May 2019, DNO agreed to buy back USD 10
million in nominal value of FAPE01 bonds originally issued by Faroe Petroleum
plc in 2017 (ISIN NO 0010811268) at 107.50 percent of par plus accrued interest. DNO ASA has continued to buy back FAPE01 bonds beyond this. As of 29 September 2020 USD 7.0 million in nominal value of the FAPE01 bonds remain outstanding with DNO ASA holding the balance of USD 78.8 million. There have also been USD 14.2 million in cancellations due to put option exercises.

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.

Documents
The bond registration document, securities note and summary for DNO01 are available at the links below.

The bond registration document, securities note and summary for DNO02 are available at the links below.

The bond registration document, securities note and summary for DNO03 are available at the links below.

The bond terms and listing term sheet for FAPE01 are available at the links below. 

For any questions, please contact:

Haakon Sandborg 

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