OW Bunker said the new facility will be used to refinance a current $450m facility. The $700m loan will consist of two tranches – a 364-day and a three-year multi-currency revolving credit facility.
The bunker supplier added that the new facility was more than 100% oversubscribed by the 13 international banks and financial institutions in the syndicate.
“Liquidity is vital to growth in the bunker industry,” said Morten Skou, chief financial officer of OW Bunker.
“This facility further strengthens our financial position and the additional liquidity it brings provides us with flexibility to continue growing the business, including launching additional physical distribution operations,” he continued.
OW Bunker acts primarily as a physical distributor and reseller of marine fuels, and operates a global fleet of around 30 bunker tankers.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
