Aker BP: Commitment received for new unsecured bank facility
Aker BP has received firm commitments from a consortium of banks for a USD 4.0 billion Senior Unsecured Revolving Credit Facility (“RCF”) to refinance the existing USD 4.0 billion Senior Secured Facility Agreement (“RBL”).
The new facility will be split equally into a 3-year Working Capital Facility and a 5-year Liquidity Facility with extension options. The payment obligations will rank pari passu with the claims of other unsecured creditors.
David Tønne, Chief Financial Officer in Aker BP comments:
- We are very pleased with the continued support from leading Nordic and international banks. With this new bank facility, Aker BP maintains full financial flexibility and reduces the overall interest costs for the company.
The signing of the RCF is expected during second quarter 2019 and is subject to documentation and satisfactory due diligence.
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
John Ole Hægeland, VP Corporate Finance, tel.: +47 90 60 61 69
About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker ‘AKERBP’. More about Aker BP at www.akerbp.com.
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.