Repayment of bond
Stavanger, 9 May, 2008: Norwegian Energy Company ASA (OSE:NOR), Noreco will repay in full its 130 million US$ Geopard bond.
- By repaying the most expensive and restrictive debt, we are reducing annual interest expenses in the order of 50 million NOK. This is part of our ongoing restructuring of our debt portfolio, and will together with the recent equity issue and the acquisition from of Talisman Oil Denmark Limited created a strong financial position from which to grow further, says Scott Kerr, CEO of Noreco.
Noreco today has notified Norsk Tillitsmann ASA as the Loan Trustee under the 12.00 per cent Geopard A/S Callable Bond Issue 2006/2012 (the "Geopard Bond") and the bondholders that it wishes to redeem the whole outstanding amount under the Geopard Bond by 23 June 2008 at a price of 105%. The Geopard Bond was originally taken for the purpose of financing the acquisition of Denerco Oil A/S by Altinex ASA (now a wholly owned subsidiary of Noreco).
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)