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.
Noreco has announced the successful closing of its new USD 1.1 billion Reserve Base Lending facility, replacing the Company’s existing USD 900 million RBL, which ensures the Company continues to have a strong capital structure and remains fully-funded to deliver the Tyra Redevelopment project.