EuropeFinance and InsuranceTankers

Frontline seals $485m refinancing

John Fredriksen’s Frontline has entered into three senior secured term loan facilities for a total of up to $485.2m.

The loans will be used to refinance two existing term loan facilities maturing in the second quarter of 2021 and to partially finance LR2 tankers under construction.

“Following the recently concluded refinancing of two term loan facilities with total balloon payments of $324.4 million due in April 2021 and in June 2021, Frontline has no material maturities until 2023. The Company’s newbuilding program is also fully funded with a new term loan facility in an amount of up to $133.7 million.  Importantly, our recent financings were done at attractive terms, maintaining our competitive cost structure and reinforcing Frontline’s strong standing within the lending community,” said Inger Klemp, CFO of Frontline Management.

Frontline reported a net income of $56.4m for the third quarter of this year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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