Statoil Signs Multicurrency Revolving Credit Facility
Statoil ASA guaranteed by Statoil Petroleum AS, successfully signed a USD 5.0 billion Multicurrency Revolving Credit Facility.
The Facility, which was co-ordinated by Barclays Bank PLC, Deutsche Bank AG (DB) and DNB Bank ASA, received unanimous support from the group of existing and new relationship banks invited to participate in the Facility. Following this strong demand, the Company elected to increase the Facility by USD 500 million from the initial launch size of USD 4.5 billion as well as scaling back the participating banks' commitments.
The Facility has a 5-year maturity with two 1-year extension options and will be used for general corporate purposes and as backup for commercial paper programmes. Statoil (STO)'s existing US$3.0 billion Multicurrency Revolving Credit Facility dated 20 December 2010 will be cancelled as part of the refinancing process.
