Teekay Tankers to refinance 36 vessels with new $900m credit facility

Teekay Tankers to refinance 36 vessels with new $900m credit facility

Teekay Tankers has secured a new $900 million long-term debt facility to refinance 36 of the company’s existing fleet.

The new facility, which matures in January 2021, includes both a term loan and a revolving credit facility component. Led by Nordea and ABN Amro, the facility is expected to be completed in January subject to final documentation.

Kevin Mackay, CEO of Teekay Tankers, commented: “We are…grateful for the continued strong support we receive from our growing bank group, as represented by our new $900 million debt facility, which was 1.4 times oversubscribed. With the combination of these two key financial initiatives and the Company’s well-timed fleet growth and renewal over the past year, we believe Teekay Tankers’ shareholders are well-positioned to benefit from what we expect will continue to be a strong tanker market.”

Teaks Tankers also approved a new dividend policy under which it intends to pay out 30 to 50 percent of its quarterly adjusted net income, with a minimum quarterly dividend of $0.03 per share.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts

2 Comments

  1. Dave
    December 15, 2015 at 4:24 am

    Maturity date seems to be wrong. 2012 is already over.

    1. Grant Rowles
      Grant Rowles
      December 15, 2015 at 6:17 am

      Typo Dave, its 2021, have fixed it thanks.