On 1 November 2021, Vår Energi signed a senior unsecured multicurrency facilities agreement with a group of 12 international banks, refinancing the reserve based lending (‘RBL’) facility. The agreement currently contains one bridge to bond facility, which has no amortisation structure and the full amount outstanding falls due at maturity.
The interest conditions for the facility are determined by the rating and timing. As per 15 November 2022 the following conditions apply:
USD 500 million Bridge to Bond Maturity November 2023 Margin 1.0%
USD 1.5 billion Working Capital Facility Maturity November 2024 Margin 1.08% Commitment fee 35% of margin
USD 1.5 billion Liquidity Facility Maturity November 2026 Margin 1.13% Commitment fee 35% of margin
USD 300m + 300m RCF Maturity March 2023 Margin 1.13% Commitment fee 35% of margin