Noreco to restructure Nkr3.1bn bonds, lengthen maturities
Noreco, or Norwegian Energy Co, has announced plans to restructure its bonds and raise new equity in a private placement. Holders of its Nkr3.1bn (€383m) of bonds would not lose out on face value under the plans, but would receive less interest and longer maturities.
Noreco, an oil and gas exploration and production company operating in the North Sea, aims to replace its bonds, which all mature between
2013 and 2016, with longer dated issues at lower interest rates. This allows Noreco to lower
the amount it has to redeem in the next few years.
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