Equinor Raises $3.4bn from Bond Sales
Equinor has raised $3.4bn from the sale of euro and US dollar-denominated bonds, it said in statements on May 18.
The company has issued €750mn ($821mn) in six-year and €1bn in 12-year bonds at coupon rates of 0.75% and 1.375% respectively, it said. It has also sold two $750mn tranches maturing in six years with a coupon rate 0f 1.75% and 10 years with a coupon rate of 2.375%.
"Equinor has in recent years improved our business, including our portfolio and our financial robustness," Equinor CEO Lars Christian Bacher commented. "In the current volatility market situation characterised by high uncertainty going forward, we see the value in further increasing our financial flexibility and resilience."
Proceeds from the issues will be used for general corporate purposes, including the potential repayment or purchase of existing debt. The settlement date for the bonds is May 22.
Equinor raised an additional $5bn in debt at the start of April, as part of a range of measures to help weather the oil market turbulence.