Splash 247

Euronav seals $410m refinancing deal

Euronav seals $410m refinancing deal

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 70
            [name] => Europe
            [slug] => europe
            [term_group] => 0
            [term_taxonomy_id] => 70
            [taxonomy] => category
            [description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [parent] => 55
            [count] => 5129
            [filter] => raw
            [cat_ID] => 70
            [category_count] => 5129
            [category_description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [cat_name] => Europe
            [category_nicename] => europe
            [category_parent] => 55
        )

    [1] => WP_Term Object
        (
            [term_id] => 65
            [name] => Finance and Insurance
            [slug] => finance-and-insurance
            [term_group] => 0
            [term_taxonomy_id] => 65
            [taxonomy] => category
            [description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1142
            [filter] => raw
            [cat_ID] => 65
            [category_count] => 1142
            [category_description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Finance and Insurance
            [category_nicename] => finance-and-insurance
            [category_parent] => 54
        )

    [2] => WP_Term Object
        (
            [term_id] => 58
            [name] => Tankers
            [slug] => tankers
            [term_group] => 0
            [term_taxonomy_id] => 58
            [taxonomy] => category
            [description] => Stay updated on what's going on in the shipping and tankers sector by browsing the tankers news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about tankers. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1541
            [filter] => raw
            [cat_ID] => 58
            [category_count] => 1541
            [category_description] => Stay updated on what's going on in the shipping and tankers sector by browsing the tankers news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about tankers. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Tankers
            [category_nicename] => tankers
            [category_parent] => 54
        )

)

Euronav has signed a new $410 million senior secured amortizing revolving credit facility in order to refinance 11 VLCCs as well as Euronav’s general corporate and working capital purposes.

The new facility, which refinances a $500 million senior secured credit facility from 2014, matures in January 2023 and is at a rate of LIBOR plus a margin of 2.25%.

Hugo De Stoop, CFO of Euronav, commented: “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.”

Nordea Bank led the facility and acted as coordinator with the mandated lead arrangers ABN AMRO Bank, Danish Ship Finance, DNB (UK), ING Bank, Nordea Bank Norge and Skandinaviska Enskilda Banken.

This facility will be secured by VLCCs Nectar (2008), Ilma (2012), Iris (2012), Nautic (2008), Sara (2011), Sonia (2012), Sandra (2011), Ingrid (2012), Newton (2009), Noble (2008), and Simone (2012).

Yesterday, Euronav entered into a five-year sale and leaseback agreement for four VLCC vessels with investment vehicles advised by Wafra Capital Partners, a Kuwaiti backed private equity partnership. The transaction assumes a net en-bloc purchase price of $186m.

Share this article

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts