New York, June 3 - DNO ASA said it priced a $100 million bond loan facility with an interest rate of Libor plus 350 basis points.
Arrangers for the deal were Fearnley Fonds ASA and Straumur Investment Bank in Iceland. The issue was sold to investors in Iceland, Norway and the United Kingdom.
The initial amount under the facility is $60 million, with funding on June 6.
DNO will use proceeds for exploration and development of its portfolio of petroleum licenses and to refinance short-term debt.
DNO is an Oslo, Norway, oil and gas exploration and production company.
| Issuer: | DNO ASA
|
| Issue: | Bond loan facility
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| Amount: | $100 million ($60 million initially funded)
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| Maturity: | 2012
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| Coupon: | Libor plus 350 basis points
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| Price: | Par
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| Call: | After three years at 103
|
| Arrangers: | Fearnley Fonds ASA, Straumur Investment Bank
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| Pricing date: | June 3
|
| Settlement date: | June 6
|
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