Business Context and Reporting Period
This Form 6-K, dated July 9, 2007, is filed by Statoil ASA (now Equinor ASA) as a foreign private issuer. The filing incorporates a press release issued on July 5, 2007, regarding consent solicitations conducted by Norsk Hydro ASA and its subsidiary, Norsk Hydro Produksjon AS. The document does not contain financial results for Statoil ASA itself but reports on the status of debt amendments for Norsk Hydro entities.
Key Financial Metrics and Debt Structure
The filing details the outstanding principal amounts and consent percentages for various debt securities held by Norsk Hydro ASA and Norsk Hydro Produksjon AS. No revenue, profit, cash flow, or liquidity metrics are provided in this text.
| Issuer | Security Description | Outstanding Principal | Percent Consenting |
|---|---|---|---|
| Norsk Hydro ASA | 6.36% Notes due 2009 | $300,000,000 | 98.38% |
| 9.00% Debentures due 2012 | $152,853,000 | 99.64% | |
| 9.125% Debentures due 2014 | $99,522,000 | 95.27% | |
| 7.50% Debentures due 2016 | $243,825,000 | 97.81% | |
| 6.70% Debentures due 2018 | $250,000,000 | 98.22% | |
| 7.75% Debentures due 2023 | $300,000,000 | 99.26% | |
| 7.15% Debentures due 2025 | $250,000,000 | 99.92% | |
| 7.25% Debentures due 2027 | $480,512,000 | 99.90% | |
| 6.80% Debentures due 2028 | $250,000,000 | 99.86% | |
| 7.15% Debentures due 2029 | $275,000,000 | 99.95% | |
| Norsk Hydro Produksjon AS | 7.25% Debentures due 2027 | $15,588,000 | 97.08% |
| 9.125% Debentures due 2014 | $478,000 | 17.78% (as of July 3) |
Material Changes and Unusual Items
The primary material event is the successful solicitation of consents from a majority of holders for amendments to the indentures of the listed Norsk Hydro securities. As of July 3, 2007, Norsk Hydro ASA secured majority consent for all its listed securities. Norsk Hydro Produksjon AS secured majority consent for its 7.25% Debentures due 2027 but failed to secure majority consent for its 9.125% Debentures due 2014, receiving consents for only $85,000 of the $478,000 outstanding.
Guidance, Outlook, and Contingencies
Norsk Hydro Produksjon AS has extended the consent solicitation for its 9.125% Debentures due 2014 to 5:00 p.m. New York time on July 16, 2007. The extension is subject to the terms and conditions set forth in the Consent Solicitation Statement and Consent Letters dated June 19, 2007. Citigroup Global Markets Limited is acting as the Solicitation Agent, and Global Bondholder Services Corporation is acting as the Information and Tabulation Agent.
Investor Verification Checklist
- Verify the final outcome of the extended consent solicitation for Norsk Hydro Produksjon's 9.125% Debentures due 2014 after the July 16, 2007 deadline.
- Confirm the specific amendments to the indentures that were approved by the consenting bondholders.
- Review the relationship between Statoil ASA and Norsk Hydro ASA to understand the context of this filing, as the financial data pertains to Norsk Hydro, not Statoil.
- Check for any subsequent filings regarding the consummation of the debt amendments.