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ABG Sundal Collier acted as financial advisor and joint lead manager to Noreco in connection with financing of the acquisition of Shell's 36.8% interest in the Danish Underground Consortium

ABG Sundal Collier acted as financial advisor and joint lead manager to Noreco in connection with financing of the acquisition of Shell's 36.8% interest in the Danish Underground Consortium

ABG Sundal Collier acted as financial advisor and joint lead manager to Noreco (Norwegian Energy Company ASA) in connection with the financing of the USD 1.9 billion acquisition of Shell's 36.8% interest in the Danish Underground Consortium. The transaction transforms Noreco into a leading North Sea independent E&P company with expected net production in 2018 of ~56-58 mboepd and net 2P reserves of 209 mmboe.

The financing package comprises (i) fully subscribed equity issue of USD 352m, (ii) fully subscribed deposit loan of USD 35m, (iii) fully subscribed convertible bond of up to USD 160m (including accrued interest on the deposit loan to be refinanced under the CB), and (iv) contemplated subsequent offering of USD 40m of which USD 30m has been underwritten.

As part of the overall financing package, Noreco sought certain amendments to the existing NOR10 loan agreement in order to accommodate the new financing structure. In addition, the Company has entered into a Reserve Based Lending facility of USD 900m with BMO, Deutsche Bank and Natixis.

CQS, Kite Lake Capital Management, Taconic Capital Advisors and York Capital Management have acted as subscribers and underwriters in the transaction.