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Norway’s DNO to buy back $70 million 8¾%, 8% bonds via new issue
By Wendy Van Sickle
Columbus, Ohio, May 16 –DNO ASA plans to buy back $60 million of its $400 million 8¾% senior callable bonds due 2020 and $10 million of its $100 million 8% senior bond due 2023 with proceeds of $400 million of new five-year 8 3/8% bonds, according to a Thursday news release.
The 8¾% bonds will be bought back at a price of 104.16 plus accrued interest and the 8% bonds at 107.5 plus accrued interest.
The 8% bonds were originally issued by Faroe Petroleum plc in 2017.
Oslo-based DNO is an oil and gas operator focused on the Middle East and the North Sea. It is listed on the Oslo Stock Exchange. The company holds stakes in onshore and offshore licenses in the Kurdistan region of Iraq, Norway, Oman, Somaliland, Tunisia, the United Kingdom and Yemen.
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