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Solstad Refinances and Improves Liquidity

Last week, just prior to the start of the ski fest (described below), Solstad Offshore ASA successfully completed a NOK 700 million floating rate open bond issue, under which it drew NOK 500 million. The offering was well received and was priced at NIBOR + 4.40%. Proceeds are to be used to refinance existing bond debt and for general corporate purposes. More details are provided in the Guts of the Deal below. As promised, upon the successful launching the company bought back NOK 21.4 million of SORE01 at a price of 100.13% and NOK 89.0 million of SOFF01 at par.

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