Norwegian Property ASA - New bond issue completed
Norwegian Property ASA has closed the earlier announced bond issue with an amount of NOK 1.511 million. This issue is part of the total refinancing of the company's bank facility. Settlement date of the bond is on the 22nd March 2007. The issue consists of 2 tranches. Tranche 1 totalling NOK 1.209 million is secured by first priority pledge in a portfolio consisting of four properties located in Oslo and in Stavanger. Tranche 1 has a tenor of 5 years and is divided into two subtranches, one with a coupon of 3 months NIBOR + 0.45%, and one with a fixed coupon of 5.50%. Tranche 2