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.
Euan Shirlaw, Chief Financial Officer
Phone: +44 7979 690622
Cathrine Torgersen, EVP Investor Relations & Communications
Phone: +47 91 52 85 01