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Vår Energi ASA aims to optimize the capital structure by creating a robust debt portfolio, with diversified funding sources, a spread in maturity profiles, diversification in currencies, tapping into different pools of investors and sustaining a liquidity reserve, all contributing to maintaining a solid Investment Grade credit profile.

USD Bond

Vår Energi has three senior note listed on the Securities Official List – Luxembourg Stock Exchange (“LuxSE”):

USD 500 million 5.00% Senior Notes
Maturity 18 May 2027
Coupon payable semi-annually on 18 May and 18 November

USD 1 billion 7.50% Senior Notes
Maturity 15 January 2028
Coupon payable semi-annually January 15 and July 15, commencing January 15, 2023

USD 1 billion 8.00% Senior Notes
Maturity 15 November 2032
Coupon payable semi-annually May 15 and November 15, commencing May 15, 2023

LuxSE listing information

Credit Ratings

Vår Energi ASA has obtained public investment grade credit ratings from S&P Global and Moody’s. S&P Global has assigned Vår Energi ASA a ‘BBB‘ Stable Outlook rating, Moody’s has assigned a ‘Baa3‘ long-term issuer rating with stable outlook.

Moody’s: Baa3

Credit Rating Report

S&P: BBB

Credit Rating Report

EMTN Programme

Vår Energi’s Euro Medium Term Note programme has been established in March 2023 and is listed on the Luxembourg Stock Exchange. The ETMN programme will be updated annually and continues a standardised master agreement for issuance of public benchmark bonds.

The programme has a limit of EUR 3 billion.

EUR 600 million 5.50% Senior Notes
Maturity 4th og May 2029
Coupon pauable annually on 4th of May

LuxSE listing information

Relevant documents

Disclaimer

ELECTRONIC VERSIONS OF THE BASE PROSPECTUS AND ANY OTHER DOCUMENT RELATING TO VÅR ENERGI’S €3,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME (AND THE INFORMATION CONTAINED THEREIN, THE “PROGRAMME“) ARE BEING MADE AVAILABLE ON THIS WEBSITE BY VÅR ENERGI ASA IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.
THESE MATERIALS ARE NOT DIRECTED AT AND SHOULD NOT BE ACCESSED BY PERSONS IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISSEMINATION OF THESE MATERIALS WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

The following web pages (and the information contained herein) do not contain, constitute, or form part of, nor shall it be construed to constitute any offer to sell or a solicitation of an offer to buy any securities in any state or other jurisdiction of the United States (including its territories and possessions) or to or for the account or benefit of any U.S. person (“U.S. person“) as defined in the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or in any other jurisdiction in which such offer or solicitation would require the approval of local authorities or would otherwise be unlawful (“Other Jurisdictions“). No user is entitled to copy, amend, publish, forward, retransmit, send, or otherwise transfer the information contained therein.

The securities issued under the Programme have not been and will not be registered under the U.S. Securities Act, or pursuant to the corresponding regulations in force in any Other Jurisdiction. Accordingly, no securities may be offered, sold, resold, transferred, distributed, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any applicable state or other securities laws of the United States. In addition, no securities may be offered, sold, resold, transferred, distributed or delivered (directly or indirectly) in any Other Jurisdiction or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in the relevant jurisdiction. No public offering is being made in the United States or in any Other Jurisdiction where such an offering is restricted or prohibited or where such offer would be unlawful.

The distribution of the Base Prospectus and other documents available on this website (the “Programme Documents“) may be restricted by law and by the Programme Documents in certain jurisdictions. Persons who come in possession of the Programme Documents must inform themselves and observe any such restrictions on the distribution of the Programme Documents and on the offering and sale of securities. In particular, there are restrictions on the distribution of the Base Prospectus and the offer or sale of securities under the Programme Documents in the United States, Norway, the European Economic Area, the United Kingdom, Belgium, Hong Kong, Italy, Japan and Singapore.

By clicking the appropriate button below, you certify to Vår Energi ASA that:

  1. you are not a resident of, or located in the United States, and you are not a U.S. person;
  2. you do not and will not act on behalf of or for the account or benefit of any U.S. person;
  3. you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable laws or regulations;
  4. you have read and understood the restrictions mentioned above and you further acknowledge that the information and materials presented in the following pages neither constitute an offer nor an invitation nor a recommendation to subscribe to or to purchase, to hold or sell securities; and
  5. you agree not to transfer any information or documentation contained on this website to the United States or any Other Jurisdiction.

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who make the certification described above by clicking on the appropriate button.

EUR Subordinated Fixed Rate Reset Securities

Vår Energi have one subordinated security listed on the Securities Official List – Luxembourg Stock Exchange ( “LuxSE” ):

EUR 750 million 7.862% subordinated security
Maturity 15 November 2083
First Reset Date 15 February 2029

Coupon payable annually on 15th of February

Relevant documents

Disclaimer

ELECTRONIC VERSIONS OF THE PROSPECTUS (THE “PROSPECTUS“) AND ANY OTHER DOCUMENT RELATING TO VÅR ENERGI’S €750,000,000  SUBORDINATED FIXED RATE RESET SECURITIES DUE 2083 (THE “SECURITIES“) ARE BEING MADE AVAILABLE ON THIS WEBSITE BY VÅR ENERGI ASA IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.

THESE MATERIALS ARE NOT DIRECTED AT AND SHOULD NOT BE ACCESSED BY PERSONS IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISSEMINATION OF THESE MATERIALS WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

The following web pages (and the information contained herein) do not contain, constitute, or form part of, nor shall it be construed to constitute any offer to sell or a solicitation of an offer to buy any securities in any state or other jurisdiction of the United States (including its territories and possessions) or to or for the account or benefit of any U.S. person (“U.S. person“) as defined in the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“), or in any other jurisdiction in which such offer or solicitation would require the approval of local authorities or would otherwise be unlawful (“Other Jurisdictions“). No user is entitled to copy, amend, publish, forward, retransmit, send, or otherwise transfer the information contained therein.

The Securities have not been and will not be registered under the U.S. Securities Act, or pursuant to the corresponding regulations in force in any Other Jurisdiction. Accordingly, the Securities may not be offered, sold, resold, transferred, distributed, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any applicable state or other securities laws of the United States. In addition, the Securities may not be offered, sold, resold, transferred, distributed or delivered (directly or indirectly) in any Other Jurisdiction or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in the relevant jurisdiction. No public offering is being made in the United States or in any Other Jurisdiction where such an offering is restricted or prohibited or where such offer would be unlawful.

The distribution of the Prospectus and other documents available on this website (the “Documents“) may be restricted by law and by the Documents in certain jurisdictions. Persons who come in possession of the Documents must inform themselves and observe any such restrictions on the distribution of the Documents and on the offering and sale of the Securities. In particular, there are restrictions on the distribution of the Prospectus and the offer or sale of the Securities under the Documents in the United States, Norway, the European Economic Area, the United Kingdom, Belgium, Hong Kong, Italy, Japan and Singapore.

By clicking the appropriate button below, you certify to Vår Energi ASA that:

  1. you are not a resident of, or located in the United States, and you are not a U.S. person;
  2. you do not and will not act on behalf of or for the account or benefit of any U.S. person;
  3. you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable laws or regulations;
  4. you have read and understood the restrictions mentioned above and you further acknowledge that the information and materials presented in the following pages neither constitute an offer nor an invitation nor a recommendation to subscribe to or to purchase, to hold or sell the Securities; and
  5. you agree not to transfer any information or documentation contained on this website to the United States or any Other Jurisdiction.

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who make the certification described above by clicking on the appropriate button.

Multicurrency Facilities Agreement

Vår Energi have senior unsecured multicurrency facilities agreement with a group of 14 international banks. The interest conditions for the facilities are determined by the rating and timing. The following conditions apply:

USD 1.5 billion Working Capital Facility
Maturity November 2026
Margin 1.08%
Commitment fee 35% of margin

USD 1.5 billion Liquidity Facility
Maturity November 2026
Margin 1.13%
Commitment fee 35% of margin