DOF ASA – placement of new secured bond issue

DOF ASA has successfully completed a new secured bond issue with a total issue size of NOK 975 million with settlement date 15 June 2009. The bonds will be secured by a first priority pledge in all the shares of Norskan AS and mature on 10 June 2011. The bonds will be sought listed on Oslo Børs as soon as practically possible.

In connection with the placement, DOF ASA bought back bonds with nominal amount of NOK 1.5 million in DOF03 (ISIN NO0010247935) maturing in December 2009, NOK 222 million in DOF05 PRO (ISIN NO0010404940) maturing in June 2010 and NOK 209 million in DOF04 PRO (ISIN NO0010321128) maturing in June 2011. After the buy-backs, the remaining outstanding amounts of the bond issues not owned by DOF ASA are NOK 49 million, NOK 75 million and NOK 188 million, respectively. Adjusted for cash amount spent on the buy-backs, DOF ASA has raised net cash proceeds of approx NOK 575 million. In addition, and as a result of the buy-back of bonds in DOF05 PRO, DOF ASA has effectively improved its liquidity position 2010 by approx NOK 800 million. The proceeds will be used to refinance existing debt and for general corporate purposes. Furthermore, the funds will also provide an adequate liquidity buffer in case of any shortfall of traditional debt financing in the near-term. “We are very pleased that the bond issue was well received in the market, and that we now have secured a comfortable level of funding given the currently challenging financial markets,” says CEO in DOF ASA, Mons Aase. Nordea Markets and Pareto Securities acted as joint managers of the new secured bond issue and the buy-back of outstanding bonds. For further information, please contact: DOF ASA Mons Aase, CEO, phone +47 91661012