Debt Financing

IR / Debt IR / Debt Financing

Debt Financing

USD Bond

Vår Energi has one 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

LuxSE listing information

Multicurrency Facilities Agreement

On 1 November 2021, Vår Energi signed a senior unsecured multicurrency facilities agreement for USD 6.0 billion with a group of 12 international banks, refinancing the reserve based lending (‘RBL’) facility. The agreement contains of 3 separate facilities; a bridge to bond facility, a working capital revolving credit facility and a liquidity facility. The facilities have no amortisation structure and all amounts outstanding fall due at maturity.

The interest conditions for the facilities are determined by the rating and timing. As per May 2022 the following conditions applied:

USD 2.5 bn Bridge to Bond
Maturity November 2023
Margin 0.65%

USD 1.5 bn Working Capital Facility
Maturity November 2024
Margin 1.08%
Commitment fee 35% of margin

USD 1.5 bn 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