Noreco Announces Successful Closing of $1.1B Lending Facility

Source: www.gulfoilandgas.com 5/5/2021, Location: Europe

Norwegian Energy Company ASA (“Noreco”) announces the successful closing of its new USD 1.1 billion Reserve Base Lending facility (the “Facility”), replacing the Company’s existing USD 900 million RBL. Effective today, the Facility matures in 2028 with a seven-year term that will amortize from the second half of 2024.

The margin payable under the Facility remains in line with the borrowing cost of the existing RBL and the Facility also includes an Accordion option of up to USD 400 million that may be used to support potential future commercial opportunities.

Noreco’s cash drawings under the existing RBL are USD 751 million, while the Facility has cash drawing capacity of USD 1.0 billion based on the current Borrowing Base.

In line with Noreco’s commitment to ESG, the Facility will include KPIs based on emissions intensity and renewable electricity generation that will progressively adjust the margin payable through the life of the Facility.

“The successful completion of our previously announced RBL refinancing is an important milestone for Noreco, ensuring the Company continues to have a strong capital structure and remains fully-funded to deliver the Tyra Redevelopment project. The new, enlarged Facility demonstrates the quality, longevity and value of our asset base, while also providing a mechanism to economically incentivise the meeting of our ESG objectives. The existing and new lenders in our RBL bank group have reiterated their long-term view of Noreco, and this confidence in our ability to deliver value for our stakeholders is highly appreciated,” said Euan Shirlaw, Chief Financial Officer in Noreco


Tanzania >>  6/15/2021 - Helium One is pleased to announce the award of management stock options.

The board of Helium One recognises the exceptional performance of...

Bermuda >>  6/11/2021 - Seadrill Limited (“Seadrill”) (SDRLF) and the Issuer announce that restructuring discussions have continued with certain holders (the “Noteholders”) o...

Brazil >>  6/11/2021 - Petrobras, in addition to the statement released on June 8, 2021, informs that it has concluded the global bond repurchase offer made by its wholly ow...
United Kingdom >>  6/11/2021 - EnQuest PLC (together with its subsidiaries, “EnQuest”) is pleased to announce it has signed a new senior secured borrowing base debt facility (the ‘n...

Brazil >>  6/10/2021 - Petrobras informs that today, through its wholly-owned subsidiary Petrobras Global Finance BV (PGF), it concluded the offer of bonds in the internatio...
Sweden >>  6/9/2021 - Northvolt has announced the signing of a $2.75 billion private placement to finance further battery cell production capacity and R&D efforts in order ...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.