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Aker BP’s long-term interest-bearing debt consists of a combination of bank facilities and bonds.
The main bank facility is a USD 4.0 billion Senior Unsecured Revolving Credit Facilities («RCF»). The RCF were launched at USD 4.0 billion on 17 April 2019 after gaining strong initial interest from its core relationship banks. Following strong demand from banks, the Facilities were oversubscribed by more than 47%, resulting in Aker BP choosing to scale back the largest commitments and closing the transaction as a 17 bank club deal with equal tickets.
The Facilities comprise a 3-year USD 2.0 billion Working Capital Facility and a USD 2.0 billion 5-year Liquidity Facility. The Liquidity Facility includes two 12-month extension options. The Facilities will be used for general corporate purposes and working capital as well as providing a liquidity reserve.
The DETNOR02 NOK 1.9 billion unsecured bond loan (ISIN: NO 001 068 4145) was issued in July 2013 and matures in 2020 at a price of 107 as a result of a few amendment processes. The bond carries a coupon of 3 months NIBOR + 6.50 percent. Coupons are payable in quarterly instalments. A NIBOR floor is set at 1%. The bond is listed on the Oslo Børs with ticker “DETNOR02”.
In a separate arrangement, Aker BP has swapped the interest of DETNOR02 to 3 month LIBOR + 6.81 percent.
Financial covenants for the bond include, inter alia, a leverage ratio covenant and an interest cover ratio that are harmonized with the RBL as described above, plus a negative pledge put option.
Bond agreement: DETNOR02 bond agreement
USD 6% Senior Notes
In July 2017, Aker BP raised USD 400 million by issuing 6% Senior Notes due in 2022 (ISIN: US R01 40A AA71). The coupon is 6.00 percent, payable semi-annually on 1 January and 1 July. Maturity date is 1 July 2022. The Senior Notes are listed on The International Stock Exchange (“TISE”) with ticker “AKERSNTS”.
USD 5.875% Senior Notes
In March 2018, Aker BP raised USD 500 million by issuing 5.875% Senior Notes due in 2025. The coupon is 5.875 percent, payable semi-annually on 31 March and 30 September. Maturity date is 31 March 2025. The Senior Notes are listed on TISE.
USD 4.75% Senior Notes
In June 2019, Aker BP raised USD 750 million by issuing 4.75% Senior Notes due in 2024. The coupon is 4.75 percent, payable semi-annually on 15 June and 15 December. Maturity date is 15 June 2024. The Senior Notes are listed on Luxembourg Stock Exchange («LuxSE»).
Aker BP has obtained credit ratings from S&P, Moody’s and Fitch. S&P has assigned a BB+ long-term corporate credit rating with positive outlook. Moody’s has assigned a Ba1 corporate family rating with stable outlook. Fitch has assigned a BBB- rating, outlook stable.
Links to rating reports: