Refinancing credit facilities
Orkla has now finalised a process in which there are established several long term, bilateral credit facilities with Orkla's close relationship banks. This work started during Spring 1998 and has partly been connected to refinancing the existing syndicated credit facilities which mature during the years 2000 to 2002 and partly to secure the Group's undrawn credit facilities and satisfactory maturity of the interest bearing liabilities. As of today new bilateral credit facilities are established totalling the equivalent of approximately NOK 11 billion with an average maturity of 6.7 years. At the same time, 2 of the Group's 3 outstanding syndicated credit facilities are cancelled.