Norsk Hydro Secures New $1 Billion Revolving Credit Facility
Norsk Hydro announced on February 15, 2024, the successful signing of a new USD 1,000 million revolving multi-currency credit facility, marking a significant financial maneuver for the corporation. This new facility, designed to support general corporate purposes, showcases a strategic approach to financial management with a two-year tenure and an additional one-year extension option. This arrangement comes as a replacement for Hydro’s previous undrawn USD 1,300 million revolving credit facility, indicating a refined financial strategy tailored to the company’s current needs.
The facility is structured to provide substantial flexibility for Norsk Hydro, including a sub-facility swingline option that addresses short-term liquidity requirements, reflecting the company’s proactive stance in managing its financial resources efficiently.
Credit Agricole CIB and DNB have played pivotal roles as coordinating Mandated Lead Arrangers and Bookrunners in this transaction, underlining the trust and confidence in Norsk Hydro's financial stability and growth prospects. The transaction also saw significant participation from other major financial institutions, including Danske Bank and ING as Bookrunners and a consortium of banks such as BNP Paribas, Citibank, Goldman Sachs Bank, Handelsbanken, JP Morgan, Nordea Bank, and SEB as Mandated Lead Arrangers, showcasing the broad-based support for Norsk Hydro within the financial community.
