14 March 2025 - DNO ASA, the Norwegian oil and gas operator, today completed the private placement of USD 600 million of new five-year senior unsecured bonds with a coupon rate of 8.5 percent. The bond placement met strong investor demand across US, Nordic and international markets and was significantly oversubscribed.
"With this issue, we extend our flawless record to 20 successful bond placements over the past 24 years, with no waivers, no amendments and certainly no defaults," said DNO's Executive Chairman Bijan Mossavar-Rahmani. "The enthusiastic response reflects this record and the growing diversification of the Company with the transformative acquisition of Sval Energi Group AS announced last week," he added.
Settlement is expected on or about 27 March 2025, subject to customary conditions precedent. An application will be made to list the bonds on the Oslo Stock Exchange. Proceeds from the new bond issue will be used to call the USD 350 million outstanding DNO04 bonds (ISIN: NO0011088593) and general corporate purposes.
DNB Markets, part of DNB Bank ASA, and Pareto Securities AS acted as Global Coordinators and Joint Bookrunners with Clarksons Securities AS, Fearnley Securities AS and SpareBank 1 Markets AS as Co-Lead Managers. AGP Advokater AS acted as legal advisor to the Company.
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For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire, Netherlands and Yemen. More information is available at www.dno.no
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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This release does not constitute any offer or solicitation to sell or purchase any securities.
The release may not be released, published or distributed in the United States of America or any other jurisdiction where release, publication or distribution would be prohibited or require any registration or filing acts or similar.
