Lundin Energy

Lundin Energy - RCF

Borrower (s)
Lundin Energy
Industry
Oil & gas/Oil - Upstream (Exploration and production)
Area of finance
Commodity Trade Finance
Country
Sweden

Deal Overview

Lundin Energy AB has successfully completed the refinancing of its existing secured USD 4.75 billion RBL facility and other corporate facilities, into a new, lower margin USD 5 billion five year corporate facility.The Facility also includes the option to bring in additional commitments of up to USD1...

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Lundin Energy AB has successfully completed the refinancing of its existing secured USD 4.75 billion RBL facility and other corporate facilities, into a new, lower margin USD 5 billion five year corporate facility.

The Facility also includes the option to bring in additional commitments of up to USD1 billion, and includes ESG margin ratchet based on delivery of its Decarbonisation Strategy and 2030 carbon neutrality target. This is the first time Lundin Energy has included ESG KPIs into their debt framework. 

The structure of the Facility is such, that it is compatible with unsecured bond issuances through the debt capital markets at pari passu terms, which could be utilised at an appropriate time to diversify the Lundin Energy’s capital structure.

The Facility provides additional flexibility in terms of their financial framework and improved liquidity headroom, which alongside their BBB-2 credit rating, positions the Lundin Energy’s balance sheet well, as they continue to pursue their organic growth strategy.

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Deal Volume
$ 5bn
Financial Close
17 December 2020
Sources
Submitted by participant(s), Press release

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