Euronav Signs Extension USD 300Million Facility for 4 Years
The executive committee of Euronav NV today announced that it has signed an extension of 4 years on its USD 300 million senior secured credit facility originally signed in April 2009 and which at the time of the extension had an outstanding of USD 221 million.
The facility will continue to finance 6 vessels: the VLCCs Olympia (2008 – 315,981) and Antarctica (2009 – 315,981 dwt) and four Suezmaxes: the Cap Felix (2008 – 158,764 dwt), the Cap Theodora (2008 – 158,800 dwt), the Felicity (2009 – 159,000 dwt) and the Fraternity (2009 -159,000 dwt).
Some of the banks which were participating in the facility before the extension were replaced by existing or new lenders. The lending banks involved in the extension consist of Nordea Bank Norge ASA (‘Nordea’)
, Crédit Agricole Corporate and Investment Bank (‘Crédit Agricole’), Skandinaviska Enskilda Banken AB (publ), DNB Bank ASA and Scotiabank (Hong Kong) Limited acting as Lead Arrangers; Nordea and Crédit Agricole acting as Bookrunners and Nordea as sole facility agent. ING Bank N.V., BNP Paribas SA, BNP Paribas Fortis SA/NV, Belfius Bank NV/SA, KBC Bank NV and Optima Bank acting as Co-Arrangers.
The facility, which has been extended until April 2018, will continue to have the same repayment profile of USD 20 million per year.
Euronav’s success at securing this extension emphasizes the confidence placed in the company in these difficult markets.