Euronav NV has signed a new USD 410 million senior secured amortizing revolving credit facility. The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital purposes.
The credit facility was used to refinance the USD 500 million senior secured credit facility dated 25 March 2014 and will mature on 31 January 2023 carrying a rate of LIBOR plus a margin of 2.25%.
Following this refinancing and in accordance with IFRS, the Group recognized the remaining unamortized transaction costs of 5.5 million USD, relating to the previous facility, in financial expen ses in the fourth quarter of 2016. Nordea Bank Norge ASA led the facility and acted as coordinator.