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Diamond S Shipping secures five-year $525m credit facility

Diamond S Shipping Inc. has closed on a five-year $525m credit facility that includes a $375m term loan and a $150m revolving credit facility.

The tanker owner and operator said proceeds from the new credit facility has been used to repay approximately $501m of current outstanding term loans.

Craig H. Stevenson Jr., president and ceo of Diamond S, commented: “Diamond S is fortunate to work with a top tier group of international ship lending banks including Nordea Bank Abp (New York Branch), Crédit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken AB, ABN AMRO, National Australia Bank and BNP Paribas.”

Kevin Kilcullen, cfo of Diamond S, said: “We are pleased that we were able to close on this facility and achieve a number of important goals, particularly given the challenging international environment for ship lending.

“We have also accomplished a number of other objectives including increasing our available liquidity, lowering our average interest rate margin and improving our financial flexibility to support the growth of Diamond S,” Kilcullen added.

In connection with the extinguishment of debt, the company expects to recognise a non-cash charge of approximately $4.1m representing the write-off of deferred financing costs.

At present, New York-listed Diamond S owns and operates 66 vessels including 15 suezmaxes, one aframax and 50 MR product tankers.

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