Euronav to Receive $750 Million Credit Facility

Thursday, June 23, 2011

The executive committee of Euronav NV announced that it has signed a new $750 million forward start senior secured credit facility led by Nordea Bank Norge ASA and DnB Nor Bank ASA acting as Lead Arranger and Bookrunners and ABN Amro Bank N.V., Fortis Bank SA/NV, Credit Agricole Corporate and Investment Bank, Danish Ship Finance, Danske bank A/S, ING Belgium SA/NV, Skandinaviska Enskilda Banken AB (publ) acting as Lead Arrangers and ITF International Transport Finance AG and ScotiaBank (Ireland) Limited acting as Co-Arrangers and Banque LBLux S.A., KBC Bank NV and Dexia Bank Belgium SA/NV. Nordea is also the facility agent.

The credit facility is comprised of a $250 million non-amortising revolving credit facility and a $500 million term loan facility.

The facility will be available as from March 15, 2012 for the purpose of refinancing all remaining indebtedness under the $1.6 billion Loan Agreement dated April 13, 2005 and for Euronav’s general corporate and working capital purposes. The credit facilities have 6 years maturity as from the date of signing at a rate of LIBOR +225 bps and have the same financial covenants as the existing facilities.

On the closing date, the credit facilities will be secured by 22 of the wholly-owned vessels of the company’s fleet, comprising of 1 ULCC, 7 VLCCs, 14 Suezmaxes.

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