Noreco: Successful Closing of USD 1.1 Billion Reserve Based Lending Facility

Noreco's cash drawings under the existing RBL are USD 751 million, while the Facility has cash drawing capacity of USD 1.0 billion based on the current Borrowing Base. Noreco's cash drawings under the existing RBL areUSD 751 million, while the Facility has cash drawing capacity ofUSD 1.0 billionbased on the current Borrowing Base. In line with Noreco's commitment to ESG, the Facility will include KPIs based on emissions intensity and renewable electricity generation that will...

Noreco's cash drawings under the existing RBL are USD 751 million, while the Facility has cash drawing capacity of USD 1.0 billion based on the current Borrowing Base.

In line with Noreco's commitment to ESG, the Facility will include KPIs based on emissions intensity and renewable electricity generation that will progressively adjust the margin payable through the life of the Facility.  

"The successful completion of our previously announced RBL refinancing is an important milestone for Noreco, ensuring the Company continues to have a strong capital structure and remains fully-funded to deliver the Tyra Redevelopment project.  The new, enlarged Facility demonstrates the quality, longevity and value of our asset base, while also providing a mechanism to economically incentivise the meeting of our ESG objectives.  The existing and new lenders in our RBL bank group have reiterated their long-term view of Noreco, and this confidence in our ability to deliver value for our stakeholders is highly appreciated," said Euan Shirlaw, Chief Financial Officer in Noreco.

Contacts: 

Euan Shirlaw, CFO 
Phone: +44 7979 690622
Email: [email protected]

Cathrine Torgersen, EVP Investor Relations & Communications 
Phone: +47 91 52 85 01 
Email: [email protected]

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