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Euronav announces signing of new $340 million credit facility for new ship acquisitions

Time：2014-10-15 Browse：213 Author：RISINGSUN
The executive committee of Euronav NV announced that it has signed a new USD 340 million senior secured credit facility led by ING Bank NV acting as sole Bookrunner and together with Citibank NA, Danish Ship Finance A/S, DnB Bank ASA and KBC Bank NV acting as Mandated Lead Arrangers whilst Belfius Bank NV, BNP Paribas Fortis NV, Deutsche bank AG and ITF International Transport Finance Suisse AG are acting as Lead Arrangers. ING is also the facility agent.

The credit facility comprises of (i) a USD 192 million term loan facility and (ii) up to USD 148 million non-amortising revolving credit facility.

The facility will be available as from today for the purpose of (i) refinancing 4 Suezmax vessels: the Cap Felix (2008 – 158,765 dwt), the Cap Theodora (2008 – 158,819 dwt), the Felicity (2009 – 157,667 dwt) and the Fraternity (2009 – 157,714 dwt) which were financed under the USD 300 million loan agreement dated 3 April 2009; (ii) financing the acquisition of four VLCCs announced on 8 July 2014 which will be delivered before the end of the second quarter of 2015; and (iii) Euronav’s general corporate and working capital purposes.

The credit facilities have 7 years maturity as from the date of signing at a rate of LIBOR plus a margin of 225 bps and have similar financial covenants as the existing facilities.

This credit facility will be secured by the above mentioned 4 Suezmax and 4 VLCC vessels.