SOURCE: StatoilHydro

August 18, 2008 09:05 ET

STATOILHYDRO ASA TERMINATES CONSENT SOLICITATIONS FOR CERTAIN OUTSTANDING debt SECURITIES

STAVANGER, NORWAY--(Marketwire - August 18, 2008) -


THIS PRESS RELEASE IS NOT BEING TRANSMITTED INTO ITALY

Stavanger, Norway - August 18, 2008. StatoilHydro ASA ("StatoilHydro") announced today that it is terminating its consent solicitations and not accepting any consent instructions relating to proposed amendments to its 9.00% Debentures due 2012, 7.50% Debentures due 2016, 6.70% Debentures due 2018, 7.75% Debentures due 2023, 7.15% Debentures due 2025 and 7.25% Debentures due 2027 issued under the 1992 Indenture (each as defined below), and its 7.25% Debentures due 2027 issued under the 1994 Indenture (as defined below). In accordance with the terms and conditions set forth in the respective consent solicitation statements dated June 10, 2008, any consent instructions given with respect the these series of debt securities will be voided, and no consent payments will be paid to their holders.

On July 25, 2008, StatoilHydro announced bondholder approval of amendments relating to its 6.36% Notes due 2009, 9.125% Debentures due 2014, 6.80% Debentures due 2028 and 7.15% Debentures due 2029 issued under the 1992 Indenture (each as defined below), and the 9.125% Debentures due 2014 issued under the 1994 Indenture (as defined below) by its wholly-owned subsidiary, StatoilHydro Petroleum AS ("StatoilHydro Petroleum"). On August 1, 2008, StatoilHydro made consent payments of $1.50 per $1,000 principal amount of the securities to holders of such securities who properly delivered valid and unrevoked consents on or prior to 5:00 p.m. New York City Time on July 24, 2008.

The consent solicitations related to (i) the indenture (the "1992 Indenture") relating to the $300,000,000 6.36% Notes due 2009 (the "6.36% Notes due 2009"), $350,000,000 9.00% Debentures due 2012 (of which $152,853,000 are outstanding) (the "9.00% Debentures due 2012"), $99,522,000 9.125% Debentures due 2014 (the "9.125% Debentures due 2014"), $300,000,000 7.50% Debentures due 2016 (of which $243,825,000 are outstanding) (the "7.50% Debentures due 2016"), $250,000,000 6.70% Debentures due 2018 (the "6.70% Debentures due 2018"), $300,000,000 7.75% Debentures due 2023 (the "7.75% Debentures due 2023"), $250,000,000 7.15% Debentures due 2025 (the "7.15% Debentures due 2025"), $480,512,000 7.25% Debentures due 2027 (the "7.25% Debentures due 2027"), $250,000,000 6.80% Debentures due 2028 (the "6.80% Debentures due 2028"), and $275,000,000 7.15% Debentures due 2029 (the "7.15% Debentures due 2029" and collectively, the "1992 Indenture Securities"); and (ii) the indenture (the "1994 Indenture") relating to the $500,000,000 7.25% Debentures due 2027 (of which $15,588,000 are outstanding) (the "7.25% Debentures due 2027 issued under the 1994 Indenture"), and the $100,000,000 9.125% Debentures due 2014 of StatoilHydro Petroleum (of which $478,000 are outstanding) (the "9.125% Debentures due 2014 issued under the 1994 Indenture", and collectively, the "1994 Indenture Securities").

Merrill Lynch International, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Limited and UBS Securities LLC acted as Joint Solicitation Agents.

Global Bondholder Services Corporation was retained to act as Information Agent and Tabulation Agent with respect to the consent solicitations.

This document does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.





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Contact Information

  • Contact:
    Svein Georg Sekse
    CFO Financing
    StatoilHydro ASA
    +47 957 09 761
    Email Contact