EuropeFinance and Insurance

Höegh Autoliners frees up ten ships with new $400m loan

Norwegian car carrier player Höegh Autoliners said it has received approval from nine Nordic and European banks for an up to $400m senior secured loan that will be used to pay off its existing credit facility.

As a result, the planned transaction will see the Oslo-listed company release a total of 10 ships from its collateral package, leaving 13 vessels built between 1995 and 2005 with an aggregated market value of $437m unencumbered.

The shipowner added the refinancing would also result in increased financial flexibility for the company as it would provide a reduced annual amortisation from $80m to $52m, reduced margin and extended maturity to January 2028.

Completion of the transaction is expected by June 2022.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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