OW Bunker Inks USD 700 Million Revolving Credit Facility

OW Bunker sees the over-subscription and the up to 3-year commitment as a strong sign of confidence in its business model, including a strong balance sheet consisting primarily of relatively liquid current assets, with 70-75% of accounts receivables typically insured, and a liquid inventory of fuel and gas oil. The new facility further enables OW Bunker to continue developing its business.
“Liquidity is vital to growth in the bunker industry. This facility further strengthens our financial position and the additional liquidity it brings provides us with flexibility to continue growing the business, including launching additional physical distribution operations. Our integrated business model, strong balance sheet and global footprint are key competitive advantages,” said OW Bunker CFO Morten Skou.
ING Bank N.V., Nordea and Rabobank International, acting as Bookrunning Mandated Lead Arrangers, were joined by ten other financial institutions in the general syndication. ABN AMRO Bank N.V., Danske Bank and Natixis joined as Bookrunning Mandated Lead Arrangers, while Commerzbank Aktiengesellschaft, Crédit Agricole (Suisse) S.A., Deutsche Bank AG, Amsterdam branch, Fifth Third Bank, Société Générale, Standard  Chartered Bank and UBS AG participated as Mandated Lead Arrangers.
OW Bunker, January 14, 2014