Gulf Oil and Gas accountACCOUNT

Shell Signs Innovative $10b Revolving Credit Facility

Source: www.gulfoilandgas.com 12/13/2019, Location: Europe

Royal Dutch Shell plc (“Shell”) has signed a $10 billion revolving credit facility. The new facility replaces Shell’s existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks.

In anticipation of the cessation of the London Interbank Offered Rate (“LIBOR”), this is one of the world’s first credit facilities linked to the new Secured Overnight Financing Rate (“SOFR”). Also, in a first for Shell, the interest and fees paid on the facility will be linked to Shell’s progress towards reaching its short-term Net Carbon Footprint intensity target, as published in its Sustainability Report.

“We are delighted to support the transition to new benchmark interest rates with this, market leading, syndicated SOFR facility,” said Russell O’Brien, Group Treasurer at Shell. “This is an innovative deal which also demonstrates Shell’s broad-based commitment to reducing the Net Carbon Footprint of the energy products we sell. We appreciate the strong support and commitment from our relationship banks.”

Shell has set an ambition to reduce the Net Carbon Footprint of the energy products it sells by around 50% by 2050 and by 20% by 2035 in step with society as it moves towards meeting the aims of the Paris Agreement. Shell has also set a three-year target to reduce its Net Carbon Footprint by 2% to 3% by 2021 as compared to 2016.

The $10 billion unsecured revolving credit facility consists of a five-year, $8 billion revolving credit facility, and a one-year, $2 billion facility. Each facility includes two one-year extension options at the discretion of each lender.

Bank of America and Barclays Bank acted as joint co-ordinators for the facility.

Financials and Investment News in Netherlands/Holland >>

South Africa >>  9/22/2020 - Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, announces that it has successfully completed th...
United Kingdom >>  9/22/2020 - Longboat Energy, established by the former management team of Faroe Petroleum to build a significant North Sea-focused E&P business, has announced its...

Russia >>  9/21/2020 - Following successful completion of the C4 extended well test at the Cheremshanskoye field on Licence 67 earlier this year, a non-binding Heads of Term...
Australia >>  9/18/2020 - Armour Energy has provided an update in relation to its capital raising program, as originally outlined in its previous announcement of 15 June 2020.<...

Norway >>  9/18/2020 - PGS ASA informed in its Q2 and preliminary first half 2020 results presentation that the Company was in negotiations with its lenders to preserve liqu...
United States >>  9/18/2020 - Ocean Power Technologies, Inc., a leader in innovative and cost-effective ocean energy solutions, has executed a new Common Stock Purchase Agreement (...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Netherlands/Holland Oil & Gas 1 >>  2 | 3 | 4 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.