DNO Raises USD 400 Million in Hybrid Bonds

Core Viewpoint - DNO ASA successfully completed a private placement of USD 400 million in subordinated hybrid bonds, indicating strong investor demand and a strategic move to enhance its financing structure following the acquisition of Sval Energi Group AS [1][2]. Group 1: Bond Details - The hybrid bonds have a coupon rate of 10.75 percent, with the first call at 100 percent of nominal value after 5.5 years, a coupon step-up after six years, and maturity in 2085 [1]. - The bond placement was significantly oversubscribed, reflecting robust interest from investors across US, Nordic, and international markets [1]. Group 2: Use of Proceeds - Proceeds from the bond issue will be utilized to refinance financial indebtedness in Sval Energi and for general corporate purposes [3]. Group 3: Company Background - DNO ASA is a Norwegian oil and gas operator with operations in the Middle East, North Sea, and West Africa, holding stakes in various exploration, development, and production licenses [4].