Completion of restructuring - issuance of new shares and execution of amended bond agreements
Stavanger, 24 March 2015: Reference is made to previous announcements concerning the restructuring of Norwegian Energy Company ASA ("Noreco" or the "Company") through conversion of bond debt to equity and amended bond terms (the "Restructuring"), including the notices on 2 and 3 March 2015 following approvals by bondholders' meetings and the extraordinary general meeting.
The Restructuring has now been completed through the issuance of 652 715 195 new shares against conversion of NOR10, NOR11 and NOR12 bonds, execution of amended bond agreements for the new NOR06 and new NOR10 bonds (previously described in the Restructuring summons as "NOR13"), and conversion of remaining NOR11 and NOR 12 bonds to amended NOR10 bonds.
Following this, the number of outstanding shares of the Company is 709 473 038, each with a nominal value of NOK 0.10 and all ranking equal in all respects.
Outstanding principal under the amended NOR06 bond agreement with Noreco Norway AS as new issuer is approx. NOK 618 million. The NOR06 bonds will continue with its existing ISIN, being NO 001 060632.0 and be tradable on Oslo Børs under ticker NOR06.
Outstanding principal under the amended NOR10 bond agreement is NOK 600 million with Norwegian Energy Company ASA as issuer. The amended NOR10 bonds will continue with the existing NOR10 ISIN, being NO 001069703.0, and be tradable on Oslo Børs under ticker "NOR10".
The NOR11 and NOR12 bonds are cancelled.
Settlement of the Restructuring through delivery of new shares and bonds in through VPS is expected to take place on or about end of business today, 24 March 2015. Amended bond agreements will be available on www.stamdata.no.
Pending issuance of a listing prospectus, the new shares will be registered on a separate ISIN (NO 0010732928) and be tradable on N-OTC, an unregulated market place operated by the Norwegian Securities Dealers Association (see www.vpff.no/eng/NOTC for further details). The Company expects that the listing prospectus will be published towards the end of April, following approval by the Norwegian Financial Supervisory Authority.
For further details on the Restructuring, including with respect to new bond terms and the two ring fencing structures, please refer to announcements of 4 and 16 February 2015.
Silje Augustson, Chair of the Board. Tel.: +47 992 83 900
Tommy Sundt, CEO. Tel.: +47 992 83 900
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
Geir Arne Drangeid, IR contact. Tel.: +47 913 10 458
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 47 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com .