DNO Raises USD 400 Million in Hybrid Bonds
5 June 2025 – DNO ASA, the Norwegian oil and gas operator, today completed a private placement of USD 400 million of subordinated hybrid bonds with a coupon rate of 10.75 percent. The hybrid bonds will have the first call at 100 percent of nominal value after 5.5 years, with coupon step-up after six years and maturity in 2085. The bond placement met strong investor demand across US, Nordic and international markets and was significantly oversubscribed.
“This first hybrid bond issue capitalizes on our 24-year flawless record in the bond market,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “Given its features, including treatment as equity not debt on DNO’s balance sheet, a hybrid bond fits well with our financing structure following closing of the Sval Energi Group AS acquisition later this month,” he added.
Settlement is expected on or about 17 June 2025, subject to customary conditions precedent. An application will be made to list the bonds on the Oslo Stock Exchange. Proceeds from the new bond issue will be used to refinance financial indebtedness in Sval Energi and for general corporate purposes.
Arctic Securities AS, DNB Carnegie, part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the transaction. AGP Advokater AS acted as legal advisor to the Company.
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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen. More information is available at
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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This release does not constitute any offer or solicitation to sell or purchase any securities.
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