Nordic American Tankers secures $306m refinancing

Nordic American Tankers secures $306m refinancing

Nordic American Tankers (NAT) has entered into a five-year $306m senior secured credit agreement arranged by CSG Investments, and funded by Beal Bank of Dallas.

The new credit will replace the company’s current revolving credit facility and lower the effective interest. It will amortize as per a 20-year profile with full maturity after 5 years.

“The financing will continue to secure a competitive cash break-even rate for NAT.  More importantly, the new loan allows NAT greater flexibility in setting dividend payments,” the company said in a statement.

NAT holds a bright outlook on the suezmax tanker market.

“The market for our suezmaxes is solid. The plan announced today also positions NAT well for the future,” the company said.

NAT currently operates a fleet of 20 suezmax tankers with an average age of 12 years.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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