Telenor successfully refinances EUR 2.0 bn revolving credit

Fornebu (BMZ REPORT)

Telenor ASA has successfully refinanced the EUR 2 billion revolving credit facility (RCF) which was due to mature in May 2016 with a new EUR 2 billion RCF. The tenor of the new RCF is 5+1+1 years, whereby Telenor have the option to extend the maturity by another 5 years after 12 and 24 months, respectively.  The primary purpose of the RCF is to ensure that Telenor at all times have committed back stop facilities covering at least all short-term funding and other capital needs during the next 12 months.

Group Treasurer Torbjørn Wist commented: “We are very pleased with the refinancing of the RCF and the commitment demonstrated by our relationship banks. The new RCF, alongside our other sources of funding, demonstrates the strength of the Telenor credit story and gives us the necessary financial flexibility to pursue our strategic objectives.”

The 13 international relationship banks in the RCF include: The Bank of Tokyo-Mitsubishi, Barclays Bank, Citi, DNB, Handelsbanken, HSBC, ING, J.P. Morgan, Nordea, The Royal Bank of Scotland, Skandinaviska Enskilda Banken, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

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