DnB NOR Arranges $500m Cheap Unsecured Revolving Facility for OSG

DnB NOR Arranges $500m Cheap Unsecured Revolving Facility for OSGLast week OSG filed an 8-K with the US SEC for a $500 million bilateral loan provided solely by DnB NOR. The deal was put together by Mr. Nicholai Nachamkin and his team in New York and provides a stunning 0.80% over Libor for the five first years and then 0.85% for the two remaining years of the term. For an unsecured loan and a one-bank deal, this price is extremely competitive. The unsecured loan will be used for refinancing some of Stelmar’s debt and will also go partly towards financing the OSG’s acquisition of the Stelmar shares.
Last week OSG filed an 8-K with the US SEC for a $500 million bilateral loan provided solely by DnB NOR. The deal was put together by Mr. Nicholai Nachamkin and his team in New York and provides a stunning 0.80% over Libor for the five first years and then 0.85% for the two remaining years of the term. For an unsecured loan and a one-bank deal, this price is extremely competitive. The unsecured loan will be used for refinancing some of Stelmar’s debt and will also go partly towards financing the OSG’s acquisition of the Stelmar shares.

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