STX Europe Refinances Credit Facility

Friday, November 07, 2008

STX Europe has refinanced its revolving credit facility. The new facility is a 3 year financing of $86.8m, provided by Nordea. Woori Bank of Korea, is participating with 50 percent.

"For a capital intensive industry like ours, where we continuously take on and complete new shipbuilding projects, the ability to constantly renew our financial platform is important. I am pleased to see that we have been able to work with and secure this significant credit facility in October, while there has been much focus on the international financial turbulence. I believe that our ability to finalize this transaction is an illustration of the importance of close and long-term relationship with financial institutions, and the strengthened business platform we now have with the STX Business Group as our principal shareholder", says Torstein Dale Sjøtveit, president and CEO of STX Europe.
 
STX Europe ASA (former Aker Yards ASA) is an international shipbuilding group in cruise and offshore vessels. STX Europe ASA comprises 15 shipyards in Finland, France, Norway, Romania, Brazil and Vietnam, and is also a part owner of three yards in Germany and Ukraine. STX Europe has approx. 16,000 employees. Formerly known as Aker Yards ASA, the group changed its name to STX Europe in November 2008.

(www.stxeurope.com)

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