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
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
S&P: BBB
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
Multicurrency Facilities Agreement
On 1 November 2021, Vår Energi signed a senior unsecured multicurrency facilities agreement with a group of 12 international banks, refinancing the reserve based lending (‘RBL’) facility. 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 2024
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
