Euronav announces signing of new $340 million credit facility for new ship acquisitions
Time:2014-10-15
Browse:205
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.