Swedish energy company Lundin Petroleum AB (LUP.TO: Quote) said it secured a fully committed 7-year senior secured revolving credit facility of $2.5 billion, in order to adjust to its financing needs.
This facility will provide Lundin the necessary financial flexibility to carry out development and exploration projects in Norway.
Ashley Heppenstall, President and CEO of Lundin Petroleum, said in a statment, "....This USD 2.5 billion fully committed credit facility, together with our healthy operational cash-flows, will allow us to fully fund our Edvard Grieg and Brynhild developments as well as on-going projects and our exploration programme over the next several years. We will also have significant spare financial capacity to potentially seize new opportunities or carry out additional developments."
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by RTT Staff Writer
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