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Euronav signs $750m credit facility

Euronav has signed for a new $750m credit facility with a group of banks led by DNB Bank and Nordea Bank.

The senior secured amortizing revolving credit facility will be used to refinance four VLCC newbuilds due for delivery from September 2015 to May 2016, as well as Euronav’s 21 existing vessels and Euronav’s general corporate and working capital purposes.

The facility will refinance two existing facilities: the $750m loan agreement dated 22 June 2011 and the $65m facility signed on 23 December 2011.

“This new facility which was 1.35 times oversubscribed will provide a lot of flexibility for Euronav going forward,” said Euronav ceo Paddy Rodgers. “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.”

DNB and Nordea Banks will act as coordinators, mandated lead arrangers and bookrunners under the new deal, with ABN AMRO Bank, ING Bank and Skandinaviska Enskilda Banken AB (publ) (SEB) acting as mandated lead arrangers and bookrunners and Crédit Agricole Corporate and Investment Bank acting as lead arranger, whilst KBC Bank, Scotiabank Europe and Société Générale act as co-arrangers. The additional lenders are Belfius Bank and HSBC. Nordea is also the facility agent.

The news comes on the back of soaring profit margins for the company, which booked a post-2008 record $92.3m in Q2 thanks to a low-oil-price-bolstered tanker market.

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