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Det Norske Oljeselskap ASA Announces USD 1 Billion Revolving Credit Facility


Wednesday, 4 Sep 2013 02:54am EDT 

Det Norske Oljeselskap ASA announced that the Company has entered into a USD 1 billion revolving credit facility with a group of Nordic and international banks. The facility contains an uncommitted accordion option which, if fully utilized, would increase the facility from USD 1 billion to USD 2 billion. Loan documents for the revolving credit facility was signed on September 3, 2013. The Bookrunners and Mandated Lead Arrangers DNB, Nordea and SEB led the syndication process. The facility matures five years from the signing date. The USD 1 billion facility replaces the Company's USD 500 million tranche with maturity December 31, 2015. The new loan carries an interest of NIBOR/LIBOR + 3% p.a. and a utilization fee of 0.5% or 0.75% p.a based on the amount drawn under the facility. 

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