PA Resources issues bond loan of SEK 850 million
The oil and gas company PA Resources AB has issued an un-secured bond loan maturing in October 2013 on the Swedish market, primarily in order to repay an existing bond loan maturing in March 2011.
The bond loan is issued without security and the total loan amount amounts to SEK 850 million. The issue has been carried out primarily in order to repay an existing bond loan of NOK 500 million (equivalent to approximately SEK 570 million) maturing in March 2011. As a result of a large interest among investors, the issue amount has been increased to SEK 850 million. The new bond loan matures in October 2013 and has a fixed coupon rate of 10.50 % per year. PA Resources intends to list the bonds for trading on NASDAQ OMX in Stockholm.
In connection with the issue, NOK 72.5 million (equivalent to SEK 83 million) of the outstanding bond loan totaling NOK 500 million (ISIN NO0010560725, ticker PAR03 PRO on the Oslo ABM) has been repurchased by PA Resources. The bond loan is an un-secured bond loan issued by PA Resources AB and the remaining NOK 427.5 million matures on 9 March 2011.
- The net proceeds from the new bond loan will be used primarily to refinance the remaining part of the NOK 500 million bond loan, but also some additional loans maturing in 2011. It is with satisfaction that we can conclude that there has been considerable interest in the issue, says Bo Askvik, President and CEO of PA Resources AB.
Carnegie Investment Bank AB (publ) and E. Öhman J:or Fondkommission AB have together acted as financial advisors in connection with the issue of the new bond loan.
Stockholm, 17 December, 2010
PA Resources AB (publ)
For further information, please contact:
Nicolas Adlercreutz
CFO
PA Resources AB
Telephone: +46 70 587 44 88
PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop, exploit and divest oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, United Kingdom, Denmark, Greenland, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is one of the largest oil producers in Tunisia and is also producing oil in the Republic of Congo. The parent company is located in Stockholm, Sweden.
PA Resources' net sales amounted to SEK 2,113 million during 2009. The company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap) and on the Oslo Stock Exchange in Norway (segment OB Match). For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08.30 CET on 17 December, 2010.