Debt Financing

IR / Debt IR / Debt Financing

Debt Financing

USD Bond

Vår Energi has three senior note listed on the Securities Official List – Luxembourg Stock Exchange (“LuxSE”).

USD 500 million 5.00% Senior Notes
Maturity 18 May 2027
Coupon payable semi-annually on 18 May and 18 November

USD 1 billion 7.50% Senior Notes
Maturity 15 January 2028
Coupon payable semi-annually January 15 and July 15, commencing January 15, 2023

USD 1 billion 8.00% Senior Notes
Maturity 15 Nov 2032
Coupon payable semi-annually on May 15 and November 15, commencing May 15, 2023

LuxSE listing information

Multicurrency Facilities Agreement

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