Bond refinancing completed and new bonds issued

Bullet

Stavanger, 9 December 2013: Reference is made to previous stock exchange announcements from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR") concerning its refinancing including i.a. the restructuring of bonds resulting in a new set of bond loans (the "New Bonds") as follows:

i. 6.00 percent NOK 1 399 050 000 Senior Secured Callable Bond Issue 2013/2016 with ISIN NO 001 069703.0;
ii. 6.50 percent NOK 600 000 000 Senior Secured Callable Bond Issue 2013/2017 with ISIN NO 001 060632.0 (representing a merger and amendment of the previous NOR06/07 bond loans under ISIN NO 001 060632.0 and ISIN NO 001 060633.8);
iii. 6.75 percent NOK 736 155 000 Second Lien Callable Bond Issue 2013/2020 with ISIN NO 001 069704.8; and
iv. 4.00 percent PIK NOK 366 795 000 Senior Convertible Bond Issue 2013/2018 with ISIN NO 001 069705.5.

The New Bonds have today have been duly issued and registered, and the Company's former bond loans (NOR04, NOR05, NOR06/07, NOR08 and NOR09) from the same time deleted. The bond agreements governing the New Bonds are being published on Stamdata (www.stamdata.no). In conjunction with the issue of the New Bonds and the completion of the private placement of new shares by the Company (as announced on 4 December 2013), the Noreco group has repaid the entire borrowing base lending (RBL) it held with a consortium of banks led by BNP Paribas, as well as all incurred interest on the previous bonds.

Further to the announcement made by the Company on 4 November 2013 with respect to i.a. certain undertakings of future amendments to the terms of the 6.75 percent NOK 736 155 000 Second Lien Callable Bond Issue 2013/2020 (the "Second Lien Bond"), the Company will in the near future call for a bondholder meeting in the Second Lien Bond to formalise the undertakings in the relevant bond agreement. Said bondholder meeting is expected to be held in January 2014.

As previously announced the issue of the new temporary class of shares in Noreco (A-shares) was registered in the Register of Business Enterprises on 4 December 2013. The A-shares were registered for trade on the NOTC-list on 5 December 2013 with ticker code NORE and nominal value NOK 3.10. ISIN for the A-shares is NO 001 069269.2. Each A-share represents 31 ordinary Noreco-shares and is expected to be converted to 31 ordinary shares with the existing ISIN NO 001 037926.6 around 31 December 2013. From such time the shares will also be listed on the Oslo Stock Exchange.

 


Contact:

Ørjan Gjerde, CFO (0047 900 35 738)

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

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