Euronav NV Gets $1.6B Bank Facility

Thursday, April 14, 2005
Euronav NV signed a $1.6 billion senior secured credit facility with Nordea and DnB NOR acting as lead arrangers, Nordea as sole bookrunner and facility agent and Calyon, Citibank, Deutsche Schiffsbank, HSH Nordbank, Hypo-Vereinsbank, Royal Bank of Scotland and Scotiabank acting as co-arrangers. The credit facility, which was oversubscribed by more than 58%, consists of a term loan of USD 865 million, a non-amortising revolving loan facility of USD 500 million and additional term loan of up to USD 235 million, which will be available for the purpose of financing vessels scheduled to be delivered within the next two years. The credit facilities have 8 year maturity as from the date of closing at a rate of LIBOR +0.80%. On the undrawn portion of the facility, the company will pay a commitment fee of 0.25%.

Upon closing of the credit facilities, all of the company’s existing credit facilities for ships wholly owned will be retired. Outstanding borrowings under the existing credit facilities were USD 494.6 million as of 31st December 2004.

On the closing date, the USD 1,600 million senior secured credit facility will be secured by all of the wholly-owned vessels in the company’s fleet, comprising of 2 ULCCs, 12 VLCCs, 9 Suezmax acquired in conjunction with the Tanklog fleet acquisition, one VLCC newbuilding due to be delivered in May 2005 and 5 Suezmax newbuilding, 3 of which are due to be delivered in 2006 and the last 2 in 2007.

The purpose of the facility is to reduce the overall cost of debt, increase flexibility and decrease associated administrative expenses. Euronav’s success at securing this bank facility emphasizes the confidence the market places in the company and its capability to further grow the company in a profitable manner. Euronav is now very well positioned after having recently expanded its fleet and its earnings potential. Euronav intends to continue to build upon its past success and to operate the large majority of its fleet in the spot market in order to strongly benefit from the current excellent rate environment in the tanker market.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Prosafe Q2 Earnings Below Expectations

Offshore accommodation rig provider Prosafe reported second-quarter earnings below expectations on Thursday and said that its short-term market outlook is weaker

RN Diving Expert Chris Baldwin Joins IMCA

The International Marine Contractors Association (IMCA) Secretariat says that Chris Baldwin has joined its team as a Technical Adviser following a short secondment from the Royal Navy.

Update: LOOP Terminal Shutdown

LOOP's Offshore Marine Terminal suspended its crude oil offloading operations on August 13 while investigating an oil sheen discovered along the pipeline. According to the terminal,

Finance

Maersk Drilling Q2 2014 Profit Dips

Maersk Drilling informs that in Q2 2014 it delivered a profit (NOPAT) of USD 117-m (USD 150-m). While the underlying operational performance remained strong with an operational uptime of 97% (96%),

Prosafe Q2 Earnings Below Expectations

Offshore accommodation rig provider Prosafe reported second-quarter earnings below expectations on Thursday and said that its short-term market outlook is weaker

LNG Carriers GasLog Financial Results Q2 2014

GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas carriers, has reported its financial results for the quarter ended June 30,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1525 sec (7 req/sec)