The senior secured credit facilities consist of a $20m revolving credit facility and $360m in aggregate principal amount of term loans, the shuttle tanker company announced.
“Proceeds of the term loans will be used to refinance the partnership’s [Knot] existing bank debt of $327m and to repay the seller’s credit to Knutsen NYK Offshore Tankers AS in the amount of $10.6m (including interest) related to the acquisition of the Carmen Knutsen. The remaining amount will be used to pay transaction expenses and for general partnership purposes,” Knot said.
Loans under the senior secured credit facilities will bear interest at a rate per annum equal to Libor plus 2.125%, while the term loans will mature in June 2019.
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