Hafslund Details Refinancing

Friday, December 19, 2003
Hafslund ASA has issued a new bond with a term to maturity of 10 years (2004/2014). The bond has fixed interest rate at 6.20 %, corresponding to a swap spread of 120 basis points. We are very pleased with this. The market for loans with long duration has been poor for corporates for a long time, said CFO Christian Berg. The loan will extend the maturity profile of Hafslund's loan portfolio and the proceeds will be used to refinance loans maturing in the beginning of 2004. The size of the first tranche is NOK 750 million, whereas maximum total amount issued is NOK 1,500 million. The arranger was Swedbank.

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