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NORECO Stavanger, 23 June, 2008: Norwegian Energy Company ASA (OSE:NOR), Noreco completes repayment in full of its 130 million USD Geopard bond.
Noreco has today (through its wholly owned subsidiary Geopard A/S) repaid in full its 130 million USD 12.00 per cent Geopard A/S Callable Bond Issue 2006/2012 (the `Geopard Bond`), at a total cost of 142 million USD, which includes accrued interest, a premium to the bondholders and a gain on the currency hedging related to the bond. The repayment of the Geopard Bond is part of the refinancing of Noreco, and was financed through drawings under Noreco's restated and amended reserve based borrowing base facility agreement, ref. announcement of 17 June 2008.
- By repaying the most expensive and restrictive debt in the portfolio, we are reducing annual interest expenses in the order of 50 million NOK. This is part of our ongoing restructuring of our debt portfolio, and has together with the recent equity issue and the acquisition from of Talisman Oil Denmark Limited created a strong financial position from which to grow further, says Scott Kerr, CEO of Noreco.
For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)
