Norsk Hydro (NYSE:NHY)
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Norsk Hydro Prices USD Bond Tender Offers
OSLO, Norway, Nov. 10 /PRNewswire-FirstCall/ -- Norsk Hydro ASA (NYSE:NHY)
announced today that it priced the tender of its USD 350,000,000 9.000% bonds
due 2012 and USD 300,000,000 7.500% bonds due 2016.
Pricing Details of the Tender Offers
USD 9.000% 2012 bonds
2012 Benchmark Rate (4.875% UST due Feb 2012): 3.976%
Tender Spread: 55 bps over the 2012 Benchmark Rate
Tender Price: 1,279.15 per USD 1,000 principal amount
USD 7.500% 2016 bonds
2016 Benchmark Rate (4.250% UST due Aug 2014): 4.249%
Tender Spread: 85 bps over the 2016 Benchmark Rate
Tender Price: 1,211.86 per USD 1,000 principal amount
The tender offer will expire at 5.00 pm New York City Time on Friday, November
12, 2004. Settlement is expected on November 15, 2004.
Deutsche Bank and JPMorgan are acting as Dealer Managers in this transaction.
Global Bondholder Services Corporation is acting as Depository Agent.
For further information:
Norsk Hydro ASA:
Knut-Ivar Odegard Tor Steinum
Tel: +47 22 53 21 67 +47 22 53 27 31
e.mail:
Further details on the transactions can be obtained from:
Dealer Managers:
Deutsche Bank Securities Inc. J.P. Morgan Securities Inc.
Liability Management Group Liability Management Group
Tel: + 1 (866) 627 0391 Tel: + 1 (866) 834 4666
Depository Agent:
USA: Global Bondholder Services
Corporation
Tel: +1 (212) 430 3774
OFFER RESTRICTIONS
Neither this Announcement nor the Tender Offer Memorandum constitutes an
invitation to participate in the Tender Offer in any jurisdiction in which, or
to or from any person to or from whom, it is unlawful to make such invitation
under applicable securities laws. The distribution of this Announcement or the
Tender Offer Memorandum in certain jurisdictions may be restricted by law.
Persons into whose possession this Announcement or the Tender Offer Memorandum
come are required by each of the Company, the Dealer Managers and the
Depository Agents to inform themselves about, and to observe, any such
restrictions.
Republic of Italy
With respect to all of the notes, the solicitations of offers to sell are not
being made in the Republic of Italy and the solicitation memoranda in relation
to the bonds have not been submitted to the clearance procedure of Commissione
Nazionale Per Le Societa E La Borsa (CONSOB) pursuant to Italian laws and
regulations and may not be used in the Republic of Italy in connection with the
solicitations of offers to sell. Accordingly, noteholders are hereby notified
that, to the extent such noteholders are Italian residents, the solicitations
of offers to sell are not available to them and, as such, any offers to sell
received from such persons shall be void and neither the solicitation memoranda
nor any other material relating to the solicitations of offers to sell may be
distributed or made available in the Republic of Italy.
Belgium
In Belgium, the Offers will not, directly or indirectly, be made to, or for the
account of, any person other than to professional or institutional investors
referred to in article 3, 2 of the Belgian royal decree of 7 July 1999 on the
public character of financial operations (the "Public Decree"), each acting on
their own account. This Announcement has not been and will not be submitted to
nor approved by the Belgium Banking, Finance and Insurance Commission
(Commission Bancaire, Financiere et des Assurances/Commissie voor het Bank,
Financie en assurantiewezen) and accordingly may not be used in connection with
any offer if Belgium except as may otherwise be permitted by law.
France
The Offers are not being made, directly or indirectly, to the public in France
and only qualified investors ("Investisseurs Qualifies") as defined in Article
L. 411-2 of the French Code Monetaire et Financier and decree no. 98-880 dated
1 October 1998 are eligible to accept the Offer.
United Kingdom
The Offers are for circulation to noteholders and other persons in the United
Kingdom to whom it may lawfully be issued in accordance with the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001, any person
satisfying this criteria being referred to as a "relevant person". This
communication may not be acted upon by anyone in the United Kingdom who is not
a relevant person.
DATASOURCE: Norsk Hydro ASA
CONTACT: Knut-Ivar Odegard, +47-22-53-21-67,
, or Tor Steinum, +47-22-53-27-31,
, both of Norsk Hydro ASA; or Further details on the
transactions can be obtained from: Dealer Managers - Deutsche Bank Securities
Inc., Liability Management Group, +1-866-627-0391; or J.P. Morgan Securities
Inc., Liability Management Group, +1-866-834-4666; or Depository Agent - USA,
Global Bondholder Services Corporation, +1-212-430-3774