Stolt-Nielsen Secures $600m Credit Facility

(Press Release)
Thursday, November 03, 2011

Stolt-Nielsen Limited (Oslo Børs: SNI)  has obtained commitments for a $600 million senior secured revolving credit facility, which will replace the Company's two existing revolving credit lines maturing in July 2012 and January 2013 respectively.  The facility will be secured by ships in the Company's fleet, and the financial covenants are in line with the Company's standard covenants.  The facility, which was oversubscribed, consists of a consortium of nine banks.  Closing is expected to take place in January 2012 and the new facility will mature in January 2018. 
Commenting on the refinancing, Mr. Jan Chr. Engelhardtsen, Chief Financial Officer of SNL, said, "This revolver, in combination with our $300 million unsecured bond issue in June 2011, provides us with the liquidity needed for our committed capital expenditures in 2012 and beyond.  Given the challenging conditions in global credit markets at the moment, we are very pleased with the completion of this significant transaction, which underscores both the strength of our balance sheet and the stability of our business portfolio."
 

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

People & Company News

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Italian Pleads Guilty to Marine-hose Price-fixing in US

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday.

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

Finance

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

Offshore O&G: Cuts, Delays in Norway as Costs Soar

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Winch
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: 0.1572 sec (6 req/sec)