Noreco boosts lending base
Norwegian explorer Noreco said today it would redeem a $130 million bond to
cut funding costs and agreed with banks to expand an existing reserve
lending facility to $325 million.
In a statement, Noreco said it expected to save Nkr50 million ($9.73
million) per year by redeeming the callable bond at 105% of face value.
"This is part of our ongoing restructuring of our debt portfolio, and will
together with the recent equity issue and the acquisition of Talisman Oil
Denmark create a strong financial position from which to grow further,"
Noreco said.
It entered into a term sheet with a group of international banks led by BNP
Paribas to increase its existing $155 million reserve facility, of which it
has already drawn $69 million, the company said.
The enlarged facility has a floating rate coupon of around 5%, Noreco said.
09 May 2008 10:57 GMT
| last updated:
09 May 2008 10:57 GMT
Latest jobs
