Euronav announced that it has, jointly with Overseas Shipholding Group, Inc., signed a two-year extension of the tranche related to the FSO Africa (the Africa Tranche), part of the $500 million senior secured credit facility originally signed in October 2008.
At the time of the extension, $ 45 million was outstanding in respect of the Africa Tranche. At its new maturity (now scheduled for August 2015), the Africa Tranche will be fully repaid. The tranche related to the FSO Asia (part of the same facility) will continue to run until its original maturity in 2017. The facility will also continue to have the same annual repayment profile.