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Bracewell Advises BlueNord on the $1.4 Billion Refinancing of its RBL Facility

LONDON – Bracewell (UK) LLP advised BlueNord ASA on the signing of a new $1.4 billion Reserve Based Lending Facility (RBL or Facility) with a maturity in December 2029. The Facility will refinance BlueNord’s existing $1.1 billion facility.

The new RBL includes an accordion option of up to $400 million that may be used to support potential future commercial opportunities. The $300 million increase in the RBL and the maturity extension will further reinforce BlueNord’s capital structure.

The new Facility has attracted significant interest from the international lending market with the participation of 15 lenders, both existing and new, and was significantly oversubscribed.

BlueNord is an Oslo Stock Exchange listed oil and gas company, specialising in producing and developing resources that support the energy transition towards Net Zero. BlueNord is the second largest oil and gas producer in Denmark. 

BlueNord operate in the Danish North Sea with a 36.8 percent non-operated interest in the Danish Underground Consortium (DUC). The DUC holds 4 hubs containing 15 fields that have a production history of over 50 years, four export pipelines and significant infrastructure.

The DUC is a joint venture between TotalEnergies Denmark A/S (43.2 percent), who are the operator of the entire DUC, BlueNord (36.8 percent) and Nordsøfonden (20.0 percent).

Bracewell lawyers involved in the transaction include:

Partners: Jason Fox

Counsel: Leslie Hansen

Senior Associate: Rory Wilson

Associate: Joel Padi