Bergen-based Grieg Star, part of the Grieg Group, has finished its $400m refinancing of 23 vessels in its 45-bulk carrier fleet.
The senior debt refinancing involved extended maturities for the financing of the 23 vessels with DNB, Nordea, SR-Bank, ABN AMRO and Credit Suisse, the company said.
Loans with original expiry set for 2017/2018 were extended by five or more years with their new expiry being 2021 or beyond.
The refinancing also includes a cash release of over $50m, which Grieg Star said it plans to use to strengthen its liquidity and cash reserves.
“This refinancing reflects our strong bank relationships and the importance of having capital sources available in a challenging market like what we see today,” Camilla Grieg (pictured), CEO of Grieg Star, said in a release.
Thirty-one of Grieg Star’s 45 open-hatch and dry bulk vessels are on the company’s balance sheet.