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.
The USD 1.1 billion facility will
be fully underwritten by BNP Paribas, Deutsche Bank, ING Bank,
Lloyds Bank and Natixis.
"I am pleased to announce that we now have in place an
underwritten agreement to increase and extend our RBL facility,
ensuring the Company has a solid financial platform with
significant liquidity, a robust capital structure and enhanced
commercial flexibility. We continue to benefit from a
strongly supportive RBL bank group, and today's announcement
demonstrates the long-term value proposition of Noreco's
participation in the Danish Underground Consortium (the "DUC") and
further evidences the Company's proactive approach to enhancing
this position," said Euan
Shirlaw, Chief Financial Officer at Noreco.
Contacts:
Euan Shirlaw, Chief Financial
Officer
Phone: +44 7979 690622
Email: es@noreco.com
Cathrine Torgersen, EVP Investor
Relations & Communications
Phone: +47 91 52 85 01
Email: ct@noreco.com
About Norwegian Energy Company ASA
Noreco is a publicly owned company with focus on the oil,
gas and offshore industry. The Company's shares are listed on the
Oslo Stock Exchange (ticker NOR). For further information, please
visit: www.noreco.com.
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