Euronav signs USD 750 million credit facility for refinancing 21 vessels and financing four newbuilding VLCCs vessels
The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DN B Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Bookrunners and ABN AMRO Bank NV, ING Bank NV and Skandinaviska Enskilda Banken AB (publ) (SEB) acting as Mandated Lead Arrangers and Bookrunners and Crédit Agricole Corporate and Investment Bank acting as Lead Arranger whilst KBC Bank NV, Scotiab ank Europe plc and Société Générale acting as Co - Arrangers . The additional lenders are Belfius Bank SA/ NV and HSBC Bank plc. Nordea is also the facility agent.
The facility will be available as from today for the purpose of 1) refinancing 21 vessels and 2) financing four newbuilding VLCCs vessels recently acquired as announced in our press release of 16 June 2015 as well as 3) Euronav’s general corporate and working capital purposes. The facility will refinance two existing facilities: the USD 750 million loan agreement dated 22 June 20 11 and the USD 65 million facility signed on 23 December 2011.
The credit facilities will mature on 1 July 2022 and carry a rate of LIBOR plus a margin of 195 bps (compared to a margin of 300 bps on the facilities being refinanced) and have similar financial covenants as the other existing facilities.
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market ar e traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 57 double hulled vessels being one V - Plus vessel , 27 VLCCs (of which 1 in 50% - 50% joint venture), four VLCCs under cons truction which were recently acquired as resales of existing newbuilding contracts, 23 Suezmaxes (of which four are owned in 50% - 50% joint ventures) and two FSO vessels (both owned in 50% - 50% joint venture). The C ompany’s vessels mainly fly Belgian, Greek, French and Marshall Island flags.