StatoilHydro cancels consent solicitations for some series of notes

By Angela McDaniels

Tacoma, Wash., June 30 - StatoilHydro ASA terminated its consent solicitations for five series of notes, according to a company news release.

Specifically, any consents given for the following notes will be voided: the $500 million 5 1/8% notes due 2014, $250 million 7 3/8% debentures due 2016 and $500 million 6½% debentures due 2028, each issued under a fiscal and paying agent agreement, and the $250 million 7 7/8% notes due 2022 and $100 million 6% notes due 2023, each issued under an agency agreement.

The meetings for holders of these notes were also cancelled. They were scheduled to be held on July 2.

The remaining consent solicitations announced on June 10 remain in effect. StatoilHydro is seeking to amend the following bonds:

• $300 million 6.36% notes due 2009 issued under the 1992 indenture;

• $350 million 9% debentures due 2012 issued under the 1992 indenture, of which $152.85 million is outstanding;

• $99.52 million 9 1/8% debentures due 2014 issued under the 1992 indenture;

• $300 million 7½% debentures due 2016 issued under the 1992 indenture, of which $243.83 million is outstanding;

• $250 million 6.7% debentures due 2018 issued under the 1992 indenture;

• $300 million 7¾% debentures due 2023 issued under the 1992 indenture;

• $250 million 7.15% debentures due 2025 issued under the 1992 indenture;

• $480.51 million 7¼% debentures due 2027 issued under the 1992 indenture;

• $250 million 6.8% debentures due 2028 issued under the 1992 indenture;

• $275 million 7.15% debentures due 2029 issued under the 1992 indenture;

• $500 million 7¼% debentures due 2027 issued under the 1994 indenture, of which $15.59 million is outstanding;

• $100 million 9 1/8% debentures due 2014 of StatoilHydro Petroleum AS issued under the 1994 indenture, of which $478,000 is outstanding;

• £225 million 6½% notes due 2021 issued under a trust deed, of which £1.02 million is outstanding; and

• €400 million 6¼% notes due 2010 issued under a trust deed, of which €300 million is outstanding.

The proposed amendments would allow StatoilHydro to restructure the group by permitting the transfer of assets to and among its principal subsidiaries without requiring them to assume the existing debt obligations of the parent company.

The amendments also would conform the negative pledge covenants in some of its outstanding debt securities, according to the release.

The company will pay consent fees of $1.50 per $1,000 principal amount of 1992 series and 1994 series notes, €1.50 per €1,000 principal amount of the euro notes and £1.50 per £1,000 principal amount of the sterling notes.

On June 23, StatoilHydro amended the consent solicitations so that all holders who consent by the offer expiration will receive the full consent fees.

When the consent solicitations were first announced, holders who consented after 5 p.m. ET on June 20 would have received $0.50 per $1,000 principal amount of the 1992 series and 1994 series notes, €0.50 per €1,000 principal amount of the euro notes and £0.50 per £1,000 principal amount of the sterling notes.

The consent solicitations expired at 5 p.m. Central European Time on June 27 for the European notes, and a meeting for the holders of these notes is scheduled for July 2. The deadline for the 1992 and 1994 notes is 5 p.m. ET on July 2.

Merrill Lynch International (44 0 20 7995-3715), Merrill Lynch, Pierce, Fenner & Smith Inc. (888 654-8637), UBS Ltd. (44 0 20 7567-7480) and UBS Securities LLC (888 719-4210 or collect at 203 719-4210) are joint solicitation agents.

Global Bondholder Services Corp. (866 387-1500 or 212 430-3774) is the information agent.

StatoilHydro is an integrated oil and gas company based in Stavanger, Norway.

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