Term sheet reserve based lending facility
Stavanger, 9 May, 2008: Norwegian Energy Company ASA (OSE:NOR), Noreco has entered into a term sheet to increase its existing reserve based lending facility up to 325 mill US$.
Noreco has entered into a term sheet with a group of international banks led by BNP Paribas to amend its existing reserve based lending facility. The term sheet is subject to the parties entering into final agreed documentation and fulfillment of conditions. The existing facility has a facility amount of 155 mill US$, of which approx 69 mill US$ are currently drawn. Under the amended facility, the facility amount will be increased to up to 325 mill US$. The interest coupon of the existing facility is floating, currently at around 5%.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)