Noreco: Successful Closing of USD 1.1 Billion Reserve Based Lending Facility
OSLO, Norway, May 5, 2021 /PRNewswire/ Norwegian Energy Company ASA ( Noreco or the Company ) 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.
Appointment of New Chief Operating Officer
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Appointment of New Chief Operating Officer
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OSLO, Norway, Feb. 2, 2021 /PRNewswire/ Norwegian Energy Company ASA ( Noreco or the Company ) announces that it has entered into an underwriting agreement with five banks for a USD 1.1 billion Reserve Base Lending facility (the RBL or the facility ) with a seven-year term and maturing in 2028. As a result of this, the Company will have a strong financial position as it progresses the Tyra Redevelopment project with amortizations scheduled to commence from the second half of 2024.
The USD 200 million increase in the RBL facility and two-year maturity extension will further reinforce the Company s capital structure and is underpinned by a borrowing base that is expected to provide cash drawing capacity of USD 1.0 billion at close. In addition, Noreco has established a link in the RBL to ESG targets on emissions intensity reduction and power from renewables that will support progression of the Company s ESG strategy.