Noreco successfully negotiates amendments to its RBL facility
Oslo, 21 October 2019: Norwegian Energy Company ASA ("Noreco") has successfully agreed certain amendments with the lenders under its USD 900 million senior secured Reserve Based Lending Facility (“RBL facility”).
“We expect the agreement to provide Noreco with more than USD 30 million of additional funding at year-end under the RBL facility, rising to more than USD 50 million within the next year and until the expected completion of the Tyra Redevelopment project in 2022. In addition, we will also have the ability to raise additional unsecured debt for financing of future growth initiatives and other corporate purposes.” says Euan Shirlaw, CFO of Noreco.
The amendments are expected to increase the maximum amount available to Noreco under the RBL facility, as well as increasing the amount of additional permitted financial indebtedness from USD 100 million up to USD 300 million.
Contacts:
- Euan Shirlaw, CFO, +47 22 33 60 00 or ir@noreco.com
- Frederik Rustad, Managing Director, +47 22 33 60 00 or ir@noreco.com
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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.