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StatoilHydro extends consent date for three series of notes to Dec. 13
By Susanna Moon
Chicago, Dec. 1 - StatoilHydro ASA said the consent solicitation deadline for its €20 million step-up notes due 2029, €500 million 5 1/8% notes due 2011 and $375 million 5¾% notes due 2009 is now 5 a.m. ET on Dec. 13.
On Oct. 29, the company said it is soliciting consents to amend five series of notes in order to transfer legal ownership of its Norwegian Continental Shelf assets to its wholly owned subsidiary, StatoilHydro Petroleum AS.
The notes are StatoilHydro's step-up notes due 2029, £225 million 6 1/8% notes due 2028, ¥5 billion fixed-rate notes due 2012, 5 1/8% notes due 2011 and 5¾% notes due 2009.
The company said on Monday that holders of its sterling notes and yen notes approved by separate extraordinary resolutions amendments to the terms and conditions of the notes, as set forth in the consent solicitation statement dated Oct. 29.
Meetings for holders of the euro 2029 notes, euro 2011 and dollar notes are adjourned until Dec. 15.
The company is offering a consent payment equal to 0.3% of par for consents granted by noon ET on Nov. 13. For consents granted after the early expiration deadline, the consent payment will equal 0.1% of par.
StatoilHydro said the transfer of its Norwegian Continental Shelf assets to StatoilHydro Petroleum would simplify the asset structure of its group companies and result in a group structure customary for oil and gas companies, including the group's market peers.
In connection with the transfer, StatoilHydro Petroleum would agree to unconditionally and irrevocably guarantee StatoilHydro's obligations under the notes, according to a company news release.
Barclays Capital (+44 020 7773 8990) is the solicitation agent, and Lucid Issuer Services Ltd. (+44 020 7704 0880) is the information agent and tabulation agent.
StatoilHydro is an integrated oil and gas company based in Stavanger, Norway.
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