The Executive Committee of Euronav NV has announced that it has signed a new US$750 million senior secured amortising revolving credit facility, led by DNB Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Book-runners, and ABN AMRO Bank NV, ING Bank NV, Skandinaviska Enskilda Banken AB acting as Mandated Lead Arrangers and Book-runners.
Crédit Agricole Corporate and Investment Bank are acting as Lead Arranger, while KBC Bank NV, Scotiabank Europe Plc and Société Générale are acting as Co-Arrangers.
The additional lenders are Belfius Bank SA/NV and HSBC Bank plc. Nordea is also the facility agent.
The facility will be available from September 2, 2015, for the purpose of refinancing 21 vessels and for financing four new-build VLCC vessels.
Paddy Rodgers, CEO of Euronav, said: “This new facility which was 1.35 times oversubscribed will provide a lot of flexibility for Euronav going forward. We believe that in today’s market bank loans are the best way to create shareholder’s value for the short as well as for the long term.
“The margin and the structure are a token of our solid relationship with a stable group of supporting lenders and we are very grateful to be in such a strong position.”
The facility will refinance two existing facilities: the $750 million loan agreement dated June 22, 2011 and the $65 million facility signed on December 23, 2011.
The credit facilities will mature on July 1, 2022 and carry a rate of LIBOR plus a margin of 195 bps (compared to a margin of 300 bps on the facilities being refinanced) and have similar financial covenants as the other existing facilities.
Fact File: Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav’s owned and operated fleet consists of 57 double hulled vessels.