USD 1 billion revolving credit facility completed
Det norske oljeselskap ASA has entered into a USD 1 billion revolving credit facility with a group of Nordic and international banks. The facility contains an uncommitted accordion option which, if fully utilised, would increase the facility from USD 1 billion to USD 2 billion.
Loan documents for the revolving credit facility was signed on 3 September 2013. The Bookrunners and Mandated Lead Arrangers DNB, Nordea and SEB led the syndication process.
The facility matures five years from the signing date. The USD 1 billion facility replaces the company’s USD 500 million tranche with maturity 31 December 2015.
The new loan carries an interest of NIBOR/LIBOR + 3 per cent p.a. and a utilisation fee of 0.5 per cent or 0.75 per cent p.a based on the amount drawn under the facility.
“We are very pleased with the support Det norske has received from leading banks, both from the Mandated Lead Arrangers and from other strong Nordic and international banks throughout the syndication process,” Det norske CFO Alexander Krane said.
The refinanced bank facility strengthens Det norske’s liquidity position as it enters into development projects on, primarily, Ivar Aasen and Johan Sverdrup.
“The banks’ willingness to support the facility highlights the quality of our asset base,” Mr. Krane said.
In the past twelve months, Det norske has also issued NOK 1 billion in equity and issued NOK 1.9 billion in unsecured bonds.
Contact:
Alexander Krane, CFO, tel. + 47 916 30 025
Knut Evensen, VP Investor Relations, tel.: +47 950 77622