Ashurst acted as international counsel for Salamander Energy on its issuance of US$150 million unsecured bonds. The bonds have a term of six years and one month and will be repaid as a bullet at maturity. The bonds carry a coupon of 9.75 per cent and are issued at par.  An application will be made to list the bonds on the Nordic ABM or the Oslo Stock Exchange.

The proceeds from the bond issue will be used for the general corporate purposes of the Salamander Energy Group, including the refinancing of the existing US$50 million Kerendan Bridge Facility and, at Salamander's discretion, up to US$100 million of Convertible Bonds.

Thommessen advised Salamander Energy on Norwegian law. Wikborg Rein advised Pareto Securities, the sole manager and bookrunner of the bond issue.

The Ashurst team, which worked closely with Salamander's General Counsel Charles Morgan, was led by oil and gas structured finance Partner Huw Thomas, with support from debt capital markets consultant Stephen Edlmann and senior associate Jeffrey Johnson, corporate partner Nick Bryans, and energy associate Alex Bartho.

Huw Thomas commented:

"We were delighted to advise Salamander on the bond issue, which follows our work over the Summer for Iona Energy on its issuance of 'Norwegian' bonds, and before that our role advising the manager on the issuance by IGas Energy.

The Norwegian bond market has proved to be an increasingly important source of liquidity for E&P Companies and we are pleased to have developed quickly a strong track record as international counsel on these issuances."