STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
PA Resources AB: (STO:PAR)(OSE:PAR)
The new bond loan amounts to NOK 900 million (equivalent to approximately USD 161 million) and is issued without security. It’s a five year bond loan with final maturity date in April 2016. The bond loan is denominated in NOK but is converted to USD with a swap contract. The bond loan runs with a fixed coupon rate corresponding to approximately 10 percent based on USD. The net proceeds from the issue will be used to repay an existing bond loan of USD 100 million maturing in June 2011 and a bond loan of USD 70 million maturing in March 2012 as well as for general corporate purposes. In connection with the issue, USD 55.5 million of the outstanding bond loan maturing in 2011 and USD 65.8 million of the bond loan maturing in 2012 have been repurchased by PA Resources. – We have now successfully refinanced all of the Group’s outstanding bond loans maturing in the next two years, and this time without security, unlike previous secured bonds, says Bo Askvik, President and CEO of PA Resources AB.
Fearnley Fonds ASA and Pareto Securities AS have acted as financial advisors in connection with the issue of the bond loan.
Stockholm, 24 March, 2011 PA Resources AB (publ)
PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop, exploit and divest oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is one of the largest oil producers in Tunisia and is also producing oil in the Republic of Congo. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,227 million during 2010. The company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap). For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08.45 CET on 24 March 2011.
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