Lundin Energy publishes the Report on Payments to Governments for 2020 globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.
4,006.7
1 Excludes the reported after tax accounting gain of MUSD 756.7 in 2019 on the divestment of a 2.6 percent working interest in the Johan Sverdrup project.
Comment from Nick Walker, President and CEO of Lundin Energy:
“I’m pleased to report that in 2020 Lundin Energy delivered another strong set of results. Our operations and key projects remain on track, despite the impact of COVID-19 and unprecedented oil price volatility, demonstrating the resilience of our industry leading, low-cost business.
“This was a challenging year for all, with the impact from COVID-19 on people’s health, society and of course the global oil market. At Lundin Energy we continue to handle the impact with agility and flexibility, safeguarding our people’s well-being whilst keeping our main business priorities on course. We exited 2020 with record production in the fourth quarter of 185 Mboepd, resulting in annual production of 165 Mboepd at the top end of the original guidance range, des
Swedish
Lundin Energy AB (the ‘Company”) is pleased to announce that is has successfully completed the refinancing of its existing secured USD 4.75 billion Reserves Based Lending facility (“RBL”) and other corporate facilities, into a new, lower margin USD 5 billion five year corporate facility, (the “Facility”).
Highlights
New USD 3.5 billion 2 to 5 year maturity term loans
Weighted average margin of 1.6 percent above LIBOR
1 which is 0.9 percentage points lower compared to the current RBL margin
Inclusion of ESG Key Performance Indicators (“KPI”), impacting margin according to performance
16 international banks in the Facility
Additional ‘accordion’ option of up to USD 1 billion
The Facility is a combination of a five-year USD 1.5 billion RCF and USD 3.5 billion term loans, split across two, three, four and five year maturities, replacing the current USD 4.75 billion RBL and USD 500 million of other credit facilities. The average margin across the F