A revolving credit facility of up to $469 million and a term loan of up to $244 million make up the facility.

Watson Farley & Williams, which served as an advisor for the loan, said the loan facility was signed on September 11, 2020 with the first drawdown on October 15, 2020.

Belgian, Greek and French mortgages on these ships were included in the first drawdown of refinanced debt in relation to nine VLCCs and three Suezmaxes and protection.

The facility will also assist in funding part of the acquisition costs of four VLCCs under construction at DSME and provide general corporate and working capital.

The mandated lead arrangers and bookrunners were Nordea, ABN AMRO, BNP Paribas Fortis SA / NV, DNB (UK) Limited, ING BANK NV and KBC Bank NV, while the Commonwealth Bank of Australia, Crédit Agricole Corporate and Investment Bank, Société Générale and Standard Chartered Bank served as lead arrangers.

Maritime Business World