TGS-NOPEC Five-year Bond Issue Raises NOK 300 million
Naersnes, Norway (28 April 2004) - TGS-NOPEC Geophysical Company ASA has successfully completed an offering of senior bonds. The loan amount is limited to NOK 500 million, of which a first tranche of NOK 300 million (by today's exchange rate approximately USD 43 million) will be drawn on 5 May 2004. The bonds mature on 5 May 2009, and will bear interest on a per annum rate adjusted quarterly equaling 3 month NIBOR plus 2%. The Company will apply to list the bonds on the Oslo Stock Exchange.
The net proceeds from the loan will be used to finance TGS-NOPEC's activities and secure liquidity for the Company to act on opportunities in the market. The bond issue adds a new source of capital for TGS-NOPEC and strengthens its financial flexibility.