Noreco has received 2/3 pre-acceptance for the refinancing proposal

 
Stavanger, 16 March 2009: Norwegian Energy Company ASA (Noreco - OSE:NOR), reference is made to the release dated 11 March 2009. Noreco has received pre-acceptances from more than 2/3 of the bondholders for the proposed refinancing of the existing NOK 2,240 million bond (OSE:NOR01, NOR02. The proposal requires 2/3 support to be implemented.
 
Extended maturity 
Noreco's proposal is to implement an amortization profile whereby NOK 1,000 million is repaid within the current maturity date of July 2010 through two NOK 500 million installments (in December 2009 and July 2010). These payments will be redeemed at 103 percent of par value. 50 percent of the remaining loan outstanding in July 2010 will subsequently be repaid in July 2011 and the remaining loan in April 2012, both redeemed at 107 percent of par value.
 
A bondholders meeting has been called for to vote for the proposed changes to the Loan Agreement and will be held on 20 March 2009. Noreco has already received pre-acceptances from over 2/3 of the bondholders. According to the loan agreement, Noreco's proposal requires a majority of 2/3 of the loan represented at the bondholders' meeting. Noreco has already received pre-acceptances from over 2/3 of the bondholders
 
 
Pareto Securities AS acts as financial advisor in connection with the transaction.
 
Further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, VP Investor Relations (+47 992 83 856)

About Us

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

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