Det norske gets $3B loan

In relation to Det norske’s acquisition of Marathon Oil’s assets in Norway, Det norske oljeselskap ASA has today said it has now signed a reserve-based lending facility (RBL Facility), fully underwritten by BNP Paribas, DNB, Nordea and SEB.

The RBL Facility is a senior secured seven-year USD 3.0 billion facility and includes an additional uncommitted accordion option of USD 1.0 billion. This long-term facility will replace the USD 2.2 billion acquisition bridge facility upon closing of the Marathon Oil Norway acquisition and refinance Det norske’s current revolving credit facility.

The RBL Facility will be on improved terms compared to the Company’s current credit facility. The interest will be LIBOR plus a margin of 2.75 percent p.a. plus a utilisation fee of 0.25 percent or 0.5 percent
based on the amount drawn under the facility.

Det norske oljeselskap ASA (DETNOR) is an active exploration company on the Norwegian Continental Shelf. Det norske’s headquarters is in Trondheim.