Northern Offshore Finds Norwegian Solution

DnB NOR Markets and Nordea Markets this week arranged a NOK125 million ($24.5 million) 9-month commercial paper issue for offshore production and drilling services company Northern Offshore. The notes will bear a coupon of 9-month NIBOR plus 450 basis points (annualized) and will mature on December 12, 2008. Call options exist at 102% on June 12 and 101.5% on September 12 (plus accrued interest).

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