Oslo-listed Norwegian Property has established new credit facilities totalling (NOK 10 bn) EUR 1.28 bn. The total credit amount is split in two main credit facilities. Nordea Bank Norge and Skandinaviska Enskilda Banken (SEB) offered EUR 641 mln in equal amounts for a duration of seven years.

Additionally, DnB NOR Bank and Fokus Bank offered EUR 641 in equal amounts. This facility has duration of four years.

The first draw-downs on the new facilities are expected in June 2011.

The average duration for Norwegian Property's debt increases to 5.3 years, from two years as of December 2010. The company now has no maturing debt before 2013.

Available credit facilities and cash amount to EUR 167 mln after the refinancing. In addition, Norwegian Property will in 2012 and 2015 receive repayment of the vendor financing totalling EUR 600 mln granted to the buyers of Norgani Hotels.