Aker BP secures additional bank financing

Aker BP has received an indicative offer from a consortium of five banks for a USD 1.5 billion bank facility to finance the previously announced acquisition of Hess Norge AS.

The facility will carry an interest of Libor + 1.5-2.0 percent, and will be secured by pledge in the shares of Hess Norge AS. The duration of the facility is 18 months from the date of completion of Aker BP’s acquisition of Hess Norge AS.

“Through this new facility, Aker BP will further reduce its financing costs, and retain the full flexibility of its existing USD 4 billion reserve-based lending facility”, says Alexander Krane, CFO in Aker BP.

—