Debt and credit rating

Aker BP’s long-term interest-bearing debt consists of a combination of bank facilities and bonds.

RCF facilities
The main bank facility is a  USD 4.0 billion Senior Unsecured Revolving Credit Facilities (“RCF”). The RCF were launched at USD 4.0 billion on 17 April 2019 after gaining strong initial interest from its core relationship banks. Following strong demand from banks, the Facilities were oversubscribed by more than 47%, resulting in Aker BP choosing to scale back the largest commitments and closing the transaction as a 17 bank club deal with equal tickets.

The Facilities comprise a 3-year USD 2.0 billion Working Capital Facility and a USD 2.0 billion 5-year Liquidity Facility. The Liquidity Facility includes two 12-month extension options. The Facilities will be used for general corporate purposes and working capital as well as providing a liquidity reserve.

USD 6% Senior Notes
In July 2017, Aker BP raised USD 400 million by issuing 6% Senior Notes due in 2022 (ISIN: US R01 40A AA71). The coupon is 6.00 percent, payable semi-annually on 1 January and 1 July. Maturity date is 1 July 2022. The Senior Notes are listed on The International Stock Exchange (“TISE”) with ticker “AKERSNTS”.

USD 5.875% Senior Notes
In March 2018, Aker BP raised USD 500 million by issuing 5.875% Senior Notes due in 2025. The coupon is 5.875 percent, payable semi-annually on 31 March and 30 September. Maturity date is 31 March 2025. The Senior Notes are listed on TISE.

TISE listing information

USD 4.75% Senior Notes
In June 2019, Aker BP raised USD 750 million by issuing 4.75% Senior Notes due in 2024. The coupon is 4.75 percent, payable semi-annually on 15 June and 15 December. Maturity date is 15 June 2024. The Senior Notes are listed on Luxembourg Stock Exchange (“LuxSE”).

LuxSE listing information

USD 3.75% Senior Notes
In January 2020, Aker BP raised USD 1 billion by issuing 3.75% Senior Notes due in 2030. The coupon is 3.75 percent, payable semi-annually on January 15 and July 15. Maturity date is 15 January 2030. The Senior Notes are listed on Luxembourg Stock Exchange (“LuxSE”).

LuxSE listing information

USD 3% Senior Notes
In January 2020, Aker BP raised USD 500 million by issuing 3% Senior Notes due in 2025. The coupon is 3 percent, payable semi-annually on January 15 and July 15. Maturity date is 15 January 2025. The Senior Notes are listed on Luxembourg Stock Exchange (“LuxSE”).

LuxSE listing information

Credit ratings
Aker BP has obtained credit ratings from S&P, Moody’s and Fitch. S&P Global Ratings has assigned a BBB- long-term corporate credit rating with stable outlook. Moody’s has assigned a Ba1 corporate family rating with stable outlook. Fitch has assigned a BBB-rating with stable outlook.

Links to rating reports: