Norwegian aluminum producer Norsk Hydro ASA signed a US$1.6 billion revolving multicurrency credit facility with the margin linked to the company's emissions reduction target.

The facility, available for general corporate purposes, has a five-year tenor with two one-year extension options. It replaces the company's undrawn US$1.7 billion facility signed in 2013.

The margin under the new facility will be adjusted based on the company's progress on slashing emissions by 10% by the end of 2025, it said Dec. 12. Norsk Hydro aims to cut emissions by 30% by 2030.

DNB Bank ASA's DNB Markets, ING Belgium SA/NV and Skandinaviska Enskilda Banken AB acted as coordinating book runners and mandated lead arrangers.

BNP Paribas SA Norway Branch, Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, Handelsbanken Capital Markets, Svenska Handelsbanken AB (publ) and J.P. Morgan Securities PLC joined as book runners and mandated lead arrangers.

Citigroup Global Markets Ltd., Goldman Sachs Bank USA and Nordea Bank Abp Norwegian branch acted as lead arrangers. DNB will act as facility agent, and SEB acted as sustainability coordinator and documentation agent.