Lundin Petroleum has successfully re-negotiated improved borrowing terms
4 June 2018
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that it has successfully re-negotiated improved borrowing terms in relation to its USD 5 billion reserve-based lending facility (RBL facility).
The excellent operational performance over recent years has enabled Lundin Petroleum to re-negotiate some of the key commercial terms within its RBL facility.
The interest rate margin has been reduced from 315 basis points to 225 basis points based on current borrowings. The improved terms include a revised interest rate margin range of between 200 and 250 basis points dependent upon the level of borrowings as well as a lower commitment fee.
The total commitment within the RBL facility of USD 5 billion and the maturity date at end of 2022 remain unchanged.
Following this amended loan agreement, the banking syndicate has been reduced from 28 to 27 banks.