Euronav Secures Loan for VLCC Refinancing

Euronav Belgian tanker owner and operator Euronav NV has signed a new USD 410 million senior secured amortizing revolving credit facility, which was made available in mid-December to refinance 11 vessels. The new loan, also used for general corporate and working capital purposes, was used to refinance the USD 500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25%. Euronav said that it will be secured by its fleet of very large crude carriers (VLCCs), including Nectar (2008), Ilma (2012), Iris (2012), Nautic (2008), Sara (2011), Sonia (2012), Sandra (2011), Ingrid (2012), Newton (2009), Noble (2008), Simone (2012). This new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin (50 bps lower) than the facility it is refinancing, and it has a much longer maturity, Hugo De Stoop, CFO of Euronav, said.