Vår Energi ASA has successfully priced its inaugural issuance of EUR 750 million Subordinated Fixed Rate Reset Securities due 2083 ("Securities"), distributed to institutional investors outside the United States only. The issuance is expected to close on or around 15 November 2023. The transaction has been very well received by the market with an order-book over 3x times oversubscribed at the peak (above ?2.4bn, at guidance).

The Securities will be issued at a price equal to 100% of their aggregate principal amount. The Securities will carry a fixed coupon of 7.862% per annum until the first reset date on 15 February 2029. The coupon will reset on the first reset date and every five years thereafter to the prevailing Euro 5 Year Mid-Swap Rate plus the applicable margin.

The initial margin will be 476.5bps and will step up by 25 bps in February 2034 and an additional 75bps in February 2049. The Securities will mature on 15 November 2083 but may be redeemed at par at any time during the 90-day period prior to the first reset date and, subsequently, on each interest payment date.