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unsecured bond with an initial issue amount of USD 400 million and with maturity
in 2031. The new bond will carry a fixed interest rate of 7.875% per annum. The
bond issue attracted strong interest from international and Nordic investors,
was upsized to USD 400 million from USD 350 million and was multiple times
covered at final pricing.
An application will be made to list the bonds on the Euronext Oslo Børs. The net
proceeds from the bond issue will be used to refinance the Company’s existing
BNOR16 USD 300 million senior unsecured bonds (ISIN NO 0013261735), partial
repayment of the RBL and for general corporate purposes.
Settlement is expected on or about 19 May 2026, subject to customary conditions
precedent, and the Company will prior to such date issue a call notice for full
redemption of the outstanding BNOR16 bonds at the prevailing make-whole call
price.
The terms of the new bond is aligned with the improved financial situation of
the Company.
“The successful placement of BNOR18 demonstrates continued confidence in
BlueNord’s business, cash flow profile and long-term strategy. Strong demand
throughout the marketing process allowed us to upsize the bond and secure
attractive pricing. The new bond terms also provides greater long-term
flexibility to support our business as we continue to deleverage and maintain a
conservative balance sheet. This refinancing is fully aligned with our strategy
of proactively managing the capital structure to support long-term value
creation for all stakeholders,” said Jacqueline Lindmark Boye, Chief Financial
Officer of BlueNord.
DNB Carnegie, a part of DNB Bank ASA, Fearnley Securities AS and Pareto
Securities AS acted as Joint Bookrunners in connection with the bond issue. In
addition, ABN AMRO Bank N.V., Clarksons Securities AS, SB1 Markets AS and Stifel
Nicolaus Europe Limited acted as Co-Managers. Advokatfirmaet BAHR AS acted as
legal advisor of the Company. Advokatfirmaet Thommessen AS acted as legal
advisor to the Joint Bookrunners in the transaction.
This information is subject to the disclosure requirements pursuant to Section 5
-12 of the Norwegian Securities Trading Act.
Contact:
Cathrine Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com
About BlueNord ASA:
BlueNord is a strategically important European oil and gas company that
specialises in producing and developing energy resources, and in activities
which support the energy transition. The Company has a 36.8 percent interest in
the Danish Underground Consortium (DUC) that is responsible for oil and gas
production in the Danish North Sea. BlueNord is listed on the Oslo Stock
Exchange and trades under the ticker “BNOR”. For further information, please
visit: www.bluenord.com.
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