DNO ASA - Status long term financing


 
As previously announced to the market DNO has been considering a contemplated senior note offering of 150 - 200 million USD in the international market. DNOs contemplated senior notes offering was assigned B- and Caa2 ratings from Standard & Poor's and Moody's respectively.
 
The Caa2 rating from Moody's was a surprise to DNO, as the Company does not believe this accurately reflect the company's potential after a notes offering of this size.  In light of the Caa2 rating for the contemplated senior notes offering, the terms that would likely have been available in the market to DNO in connection with the offering would not have been acceptable to DNO.  As a result, the DNO Board of Directors has decided not to proceed with the senior notes offering at this time.
 
DNO will continue its efforts to obtain alternative long term financing solutions for the Company, and if the Company in the future will receive an improved rating, the situation with respect to a contemplated senior notes offering in the international market will be reconsidered.