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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

Reftrade Upgrades Fleet Refrigeration Systems

Reftrade UK  has made an investment  to upgrade its fleet with environmentally friendly technology. The world’s first refrigeration system to use CO2 as a natural refrigerant,

ClassNK Reports Record 2014

Announcing its registration totals for 2014, ClassNK said 833 new vessels with a combined total of 21,466,272 gt joined its register over the course of the year,

Finance

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

Bill Proposed to Repay WWII Merchant Mariners

Congresswoman Janice Hahn (Calif.) and Congressman John Duncan Jr. (Tenn.) introduced the “Honoring Our WWII Merchant Mariners Act of 2015,” which would provide

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics 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: 0.1462 sec (7 req/sec)