Lundin Gets USD 2.5 Billion Loan for E&P in Norway
Swedish exploration and production company Lundin Petroleum has entered into a fully committed 7-year senior secured revolving credit facility of USD 2.5 billion.
This senior secured facility is revolving in order to adjust to Lundin Petroleum group financing needs. This facility will provide the necessary financial flexibility to carry out Lundin Petroleum’s development and exploration projects in Norway.
Ashley Heppenstall, President and CEO of Lundin Petroleu comments: “At a moment when financial markets are extremely uncertain and volatile and when banks are increasingly selective, we are very pleased to close this financing with such a high profile group of 25 international banks, combining existing and new lenders to Lundin Petroleum. This USD 2.5 billion fully committed credit facility, together with our healthy operational cash-flows, will allow us to fully fund our Edvard Grieg and Brynhild developments as well as on-going projects and our exploration programme over the next several years. We will also have significant spare financial capacity to potentially seize new opportunities or carry out additional developments.”
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).
Press Release, June 25, 2012