Antwerp-based tanker company Euronav has s[ds_preview]igned a new 410 mill. $
senior secured amortizing revolving credit facility.
According to a statement published today, the facility has been made available already on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s
general corporate and working capital purposes. It was used to refinance the 500 mill. $ senior secured credit facility dated 25 March 2014 and will mature on 31 January 2023 carrying a rate of LIBOR plus a margin of 2.25%, it was added.
Hugo De Stoop, CFO of Euronav said: »This new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin
(50 bps lower) than the facility it is refinancing, and it has a much longer maturity.
The leverage is also more attractive and provides additional liquidity to the company. We believe that in today’s market bank loans are the best way to create shareholder’s value for the long term. The margin, the structure and the fact that it was 2.2 times oversubscribed are a token of our solid relationship with a stable group of supporting lenders.«
This credit facility will be secured by the following 11 VLCC vessels: »Nectar« (2008 –
307,284 dwt.), »Ilma« (2012 – 318,477 dwt.), »Iris« (2012 – 318,478 dwt.), »Nautic« (2008 – 307,284 dwt.), »Sara« (2011 – 323,183 dwt.), »Sonia« (2012 – 322,000 dwt.), Sandra (2011 – 323,527 dwt.), »Ingrid« (2012 – 318,478 dwt.), »Newton« (2009 – 307,284 dwt.), »Noble« (2008 – 307,284 dwt.), »Simone« (2012 – 323,182 dwt.)
Following this refinancing and in accordance with IFRS, Euronav said to have recognized the remaining unamortized transaction costs of 5.5 million $, relating to the previous
facility, in financial expenses in the fourth quarter of 2016. Nordea Bank Norge ASA led the facility and acted as coordinator.
