OSLO, Norway, June 26, 2025 /PRNewswire/ -- Reference is made to the stock exchange notice published by BlueNord ASA (OSE: BNOR) ("BlueNord" or the "Company") on 23 June 2025. BlueNord has successfully placed a new USD 300 million subordinated callable hybrid bond issue with maturity in 2085. The hybrid bond will have the first call at 100% of nominal value and coupon step up after 4.5 years. The new bond will carry a fixed interest rate of 12% per annum, payable semi-annually in arrears.

"The successful placement of a hybrid bond marks a key milestone in the evolution of BlueNord's capital structure. This instrument allows us to refinance the convertible bond raised during our entry into the DUC in 2019, while preserving our financial flexibility and removing the equity dilution associated with BNOR15's mandatory conversion. With Tyra fully onstream, we have a robust outlook for both production and cash flow while maintaining a disciplined and resilient balance sheet. This is an important step forward for the Company, and we look forward to continuing to deliver for all our stakeholders," said Euan Shirlaw, Chief Executive Officer of BlueNord.

Settlement is expected on or about 10 July 2025, subject to customary conditions precedent, including required consents from the lenders in the Company's USD 1.4 billion reserve based lending facility. An application will be made to list the bonds on the Oslo Stock Exchange. Net proceeds from the bond issue will be used to refinance any outstanding parts of the Company's existing subordinated convertible bonds with ISIN NO 0012780867 ("BNOR15"), and the Company intends to exercise a clean-up call under BNOR15 given the threshold for outstanding bonds has been met, thereby redeeming any remaining BNOR15 bonds in full.

Arctic Securities AS, Clarksons Securities AS, DNB Carnegie, a part of DNB Bank ASA and Pareto Securities AS acted as Joint Bookrunners in connection with the hybrid bond issue whereas ABN AMRO Bank N.V, Fearnley Securities AS and Sparebank 1 Markets AS acted as Co-Managers. Advokatfirmaet BAHR AS has been engaged as legal advisor of the Company. Advokatfirmaet Thommessen AS is acting as legal advisor to the managers.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Contact:
Cathrine Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com

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