Norsk Hydro ASA signed a $1.7 billion syndicated revolving multicurrency credit facility with a syndicate of 13 international banks. Commerzbank, Handelsbanken and Nordea acted as co-ordinating bookrunners and mandated lead arrangers on the transaction. In addition, BNP Paribas, Citibank, Danske Bank, DNB, SEB and Societe Generale acted as invited bookrunners and mandated lead arrangers; and Goldman Sachs, ING, JP Morgan and Morgan Stanley participated in the transaction as lead arrangers. Nordea acted as facility agent, and Commerzbank acted as documentation agent.

The facility is for general corporate purposes.

Since 2007, Hydro had a $1.7 billion revolving credit facility with maturity in July 2014. This facility remained undrawn. Hydro established a new credit facility, replacing the facility which would have matured in July 2014. The credit facility has a five-year tenor, and includes two one-year extension options.

“This is a confirmation of our core banks’ strong support to Hydro,” Eivind Kallevik, executive vice president and CFO, says. “The smooth process and the terms concluded reflect trust built over many years, and is a great achievement for the company,” he says.

Commerzbank, Handelsbanken and Nordea acted as co-ordinating bookrunners and mandated lead arrangers on the transaction. In addition, BNP Paribas, Citibank, Danske Bank, DNB, SEB and Societe Generale acted as invited Bookrunners Mandated Lead Arrangers, and Goldman Sachs, ING, JP Morgan and Morgan Stanley participated in the transaction as Lead Arrangers. Nordea acts as facility agent, and Commerzbank acted as documentation agent.