DNO shops $300 million five-year senior notes whispered in 8% area

By Paul A. Harris

Portland, Ore., Aug. 31 – Unrated Norwegian oil and gas operator DNO ASA is in the market with a $300 million offering of five-year senior notes, according to market sources.

Initial guidance is in the 8% area.

Global coordinator and joint lead manager Pareto Securities, along with joint lead managers Danske Bank and SEB, began shopping the deal to fixed income investors on Monday.

The notes come with three years of call protection.

The Oslo-based exploration and production company plans to use the proceeds to refinance its 8¾% senior notes due 2023 and for general corporate purposes.

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