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.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Pan Ocean on Recovery Path

S. Korea’s Pan Ocean Co.  is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half

Offshore Casualty: Harkand Group Collapses

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

Finance

Recent Strength in Dry Bulk Shipping to be Short-Lived

Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging,

Pan Ocean on Recovery Path

S. Korea’s Pan Ocean Co.  is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half

Offshore Casualty: Harkand Group Collapses

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1100 sec (9 req/sec)