Citibank, Others Close Euronav Credit Facility
The executive committee of Euronav announced that it has signed a new $340 million senior secured credit facility led by ING Bank acting as sole bookrunner, together with Citibank, Danish Ship Finance, DnB Bank and KBC Bank acting as mandated lead arrangers. Belfius Bank, BNP Paribas Fortis, Deutsche Bank and ITF International Transport Finance Suisse are acting as lead arrangers. ING is also the facility agent.
The credit facility comprises of a $192 million term loan facility and up to $148 million non-amortizing revolving credit facility.
The credit facilities have seven years maturity as from the date of signing at a rate of LIBOR plus a margin of 225 bps and have similar financial covenants as the existing facilities.
Euronav is an international shipping enterprise which focuses on oil transport by sea.