Aker BP: Commitment Received for New Unsecured Bank Facility

TRONDHEIM, Norway, April 25, 2019 /PRNewswire/ -- Aker BP has received firm commitments from a consortium of banks for a USD 4.0 billion Senior Unsecured Revolving Credit Facility ("RCF") to refinance the existing USD 4.0 billion Senior Secured Facility Agreement ("RBL").

The new facility will be split equally into a 3-year Working Capital Facility and a 5-year Liquidity Facility with extension options. The payment obligations will rank pari passu with the claims of other unsecured creditors.

David Tønne, Chief Financial Officer in Aker BP comments:

"We are very pleased with the continued support from leading Nordic and international banks. With this new bank facility, Aker BP maintains full financial flexibility and reduces the overall interest costs for the company."

The signing of the RCF is expected during second quarter 2019 and is subject to documentation and satisfactory due diligence.

Contacts: 
Kjetil Bakken,
VP Investor Relations,
tel.: +47-918-89-889

John Ole Hægeland,
VP Corporate Finance,
tel.: +47-90-60-61-69

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SOURCE Aker BP ASA