Equinor ASA has entered into underwriting agreements for the sale of debt instruments with a total principal amount of $1.75 billion.
The offering consists of $550 million notes due June 2028 with a 4.25 percent interest, $400 million notes due September 2030 with a 4.5 percent interest and $800 million notes due June 2035 with a 5.125 percent interest. The interests are payable semi-annually, according to a regulatory filing Wednesday.
The unsecured notes will be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof.
The underwriters are Barclays Capital Inc., BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and JP Morgan Securities LLC. Equinor Energy AS is guarantor. The offering is scheduled to close June 3.
“[T]he net proceeds from the sale of securities will be used for general corporate purposes, which may include working capital, the repayment of existing debt (including debt incurred in connection with acquisitions) or the financing of acquisitions”, Equinor told the United States Securities and Exchange Commission.
As of the end of the first quarter the Norwegian majority state-owned company had a current finance debt including lease liabilities of $7.03 billion. Non-current finance debt including lease liabilities stood at $22.74 billion, of which $21.16 billion is unsecured and $1.58 billion secured. Total equity was $45.86 billion. Total finance debt and equity was $75.63 billion.
Last week Equinor and Polenergia reached financial close securing over EUR 3 billion for the Baltyk II offshore wind project and over EUR 3 billion for Baltyk III (around $6.76 billion in total).
The wind projects on the Polish side of the Baltic Sea will have a combined capacity of 1,440 megawatts (720 MW each), enough to power two million Polish homes, according to the 50-50 co-venturers. Full commercial generation is expected 2028.
“The individual project finance packages will fund the capital investment and the other expenses of each of the projects during the construction process, totaling approximately EUR 7.2 billion”, Equinor said in a statement May 23.
“Following strong interest from lenders, Baltyk 2 and Baltyk 3 have secured competitive terms and conditions”, Equinor added. “The final group, comprising of around 30 financial institutions, includes the most experienced in the sector along with many of Equinor’s core banks, the Nordic Investment Bank and the European Investment Bank”.
The EIB pledged EUR 700 million, making it the biggest lender for the projects, the European Union-owned bank said separately.
To contact the author, email jov.onsat@rigzone.com
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