Danish product tanker giant Torm has obtained commitments from banks for two separate term facilities and a revolving credit facility worth a total of $496m.
The new facilities will replace four term loans and Torm’s existing revolving credit facility, worth $502m in total. Torm says the refinancing means that the company does not have any major debt maturities until 2026.
“I am very pleased that we have been able to utilize TORM’s strong relationship with our lenders to remove all major near- and medium-term debt maturities with the financing of USD 496m in debt facilities at attractive terms. TORM’s new debt repayment profile further strengthens our capital structure and supports financial and strategic flexibility for our Company,” said Kim Balle, CFO of Torm.
The banks in the syndicated facility and the revolving credit facility include Danske Bank, ING, ABN AMRO, Nordea, Swedbank, Crédit Agricole CIB and Société Générale. Hamburg Commercial Bank is providing the $110m term facility.