Nordic American Tankers (NAT) has extended and refinanced its current credit facility up to the end of 2020, which will cover its 26-vessel suezmax tanker fleet.
The new non-amortising facility from DNB Bank, Nordea and Skandinaviska Enskilda Banken will be increased from $430m to $500m “based on improved terms”, the NYSE-listed company said.
“Nordic American has a very strong balance sheet compared with other stock-listed tanker companies. The high equity gives NAT a continued solid financial footing and flexibility which will strengthen the company for further growth,” the company said in a filing today.
This March, NAT’s chairman and CEO Herbjorn Hansson revealed plans for a vessel acquisition spree. The company bought two suezmaxes for $122m in July this year.