Euronav fixes $750m credit facility

Euronav has signed a new $750m senior secured amortizing revolving credit facility led by DNB Bank and Nordea Bank acting as coordinators, mandated lead arrangers and bookrunners and a whole host of other banks coming onboard too.

Paddy Rodgers, CEO of the Antwerp-based tanker giant, said: “This new facility which was 1.35 times oversubscribed will provide a lot of flexibility for Euronav going forward. We believe that in today’s market bank loans are the best way to create shareholder’s value for the short as well as for the long term. The margin and the structure are a token of our solid relationship with a stable group of supporting lenders and we are very grateful to be in such a strong position.”

The facility will be available as from today for the purpose of refinancing 21 vessels; and financing four newbuilding VLCCs vessels recently acquired as well as Euronav’s general corporate and working capital purposes.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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