Major tanker owner Euronav signed a new $750 million senior secured amortizing revolving credit facility. The credit facility will be secured by 25 vessels.

Euronav said the facility was led by DNB Bank and Nordea Bank Norge acting as co-ordinators, mandated lead arrangers and bookrunners and ABN AMRO Bank, ING Bank and Skandinaviska Enskilda Banken (SEB) acting as mandated lead arrangers and bookrunners and Crédit Agricole Corporate and Investment Bank acting as lead arranger, while KBC Bank, Scotiabank Europe and Société Générale acting as co-arrangers.

The additional lenders are Belfius Bank and HSBC Bank. Nordea is also the facility agent.

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

The facility is now available to (a) refinance 21 vessels; and (b) finance four newbuilding VLCCs recently acquired, as well as for (c) Euronav’s general corporate and working capital purposes.

The amount will refinance two existing facilities – a $750 million loan agreement dated June 22, 2011 and a $65 million facility signed on December 23, 2011.

The credit facilities will mature on July 1, 2022 and carry a rate of LIBOR plus a margin of 195 bps (compared to a margin of 300 bps on the facilities being refinanced) and have similar financial covenants as the other existing facilities.