Debt financing

 

ISIN NO0011088593

 

ISIN:

NO0011088593

Ticker:

DNO04

Issuer:

DNO ASA

Maturity:

09.09.2026

Currency:

USD

Interest rate:

7.875 percent fixed (quarterly interest payments)

Loan amount:

USD 400 million

Status of the bonds:

Senior unsecured

Call option:

Callable at a premium from 09.09.2024 and until maturity (American call options)

Trustee:

Nordic Trustee ASA

VPS agent:

Danske Bank

Global coordinator and joint lead manager:

Pareto Securities AS

Joint lead managers:

Danske Bank and SEB

Additional info

Listing date 21 January 2022



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 issued, of which USD 150,727,996 outstanding as of 30 August 2022

Status of the bonds:

Senior unsecured

Call option:

Callable at a premium from 29.05.2022 and until maturity (American call options)

Trustee:

Nordic Trustee ASA

VPS agent:

N/A

Lead managers:

Danske Bank and Pareto Securities

Co-managers:

SpareBank 1 Markets AS

Additional info

On 31 May 2022, DNO completed a USD 200 million partial call option redemption. Following this partial redemption and cancellation of bonds acquired by the Company, the total amount outstanding under the bond loan is USD 150.7 million as of 30 August 2022.

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 DNO04 are available at the links below.

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

For any questions, please contact:

Haakon Sandborg 

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