OW Bunker Signs $700M Revolving Credit Facility

MarineLink.com
Thursday, January 09, 2014

OW Bunker, a reseller and physical distributor of marine fuel, has signed a $700 million revolving credit facility, refinancing its current $450 million facility. The new facility consisting of two tranches, a 364-day and a three-year multicurrency revolving credit facility, was more than 100% oversubscribed by the in total 13 international banks and financial institutions in a syndicate led by ING Bank N.V.

OW Bunker sees the over-subscription and the up to three-year commitment as a strong sign of confidence in its business model, including a strong balance sheet consisting primarily of relatively liquid current assets, with 70-75% of accounts receivables typically insured, and a liquid inventory of fuel and gas oil. The new facility further enables OW Bunker to continue developing its business.

“Liquidity is vital to growth in the bunker industry. This facility further strengthens our financial position and the additional liquidity it brings provides us with flexibility to continue growing the business, including launching additional physical distribution operations. Our integrated business model, strong balance sheet and global footprint are key competitive advantages,” said OW Bunker CFO Morten Skou.

ING Bank N.V., Nordea and Rabobank International, acting as Bookrunning Mandated Lead Arrangers, were joined by ten other financial institutions in the general syndication.  ABN AMRO Bank N.V., Danske Bank and Natixis joined as Bookrunning Mandated Lead Arrangers, while Commerzbank Aktiengesellschaft, Crédit Agricole (Suisse) S.A., Deutsche Bank AG, Amsterdam branch, Fifth Third Bank, Société Générale, Standard Chartered Bank and UBS AG participated as Mandated Lead Arrangers.
 

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

People & Company News

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

Fuels & Lubes

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

Ecoships Claims 15% Ship Efficiency Gain

Ecoships introduced a customized version of the Six Sigma DMAIC approach to process and performance evaluation in order to optimize the energy-efficiency of the vessels under its management.

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

News

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

Ecoships Claims 15% Ship Efficiency Gain

Ecoships introduced a customized version of the Six Sigma DMAIC approach to process and performance evaluation in order to optimize the energy-efficiency of the vessels under its management.

Oversupply, Ebola Fears Drive Oil Below $86

* Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1626 sec (6 req/sec)