Noreco fixes USD 1.0 billion interest rate exposure under RBL facility until June 2024

Oslo, 16 July 2021: Norwegian Energy Company ASA (“Noreco” or the “Company”) has entered into a USD 1.0 billion swap transaction with a group of banks to fix the Company’s floating interest rate exposure under its Reserve Based Lending (“RBL”) facility from 1 Nov 2021 until 30 June 2024.

Noreco will as a result pay interest on its RBL cash drawings equal to 0.4041 percent plus the applicable margin. This is in line with the Company’s desire to minimise pre-Tyra cashflow exposure to potential future market volatility.

“Fixing our interest rate exposure is a further step taken by us to enhance pre-Tyra cashflow visibility and reduce uncertainty. Together with the Company’s material hedging arrangements and recent proposed amendments to NOR14, we are continuing to optimise our capital structure in the near-term to deliver Tyra,” said Euan Shirlaw, Chief Financial Officer in Noreco.

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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 with ticker: "NOR". For further information, please visit: www.noreco.com.