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Euronav Closes $1.6 Billion Facility
The activity at tanker company Euronav in recent months has been absolutely blistering. In December the Euronav was spun off into its own public company, and then during the first quarter it acquired four VLCCs from Metrostar for $477 million and a fleet of 16 tankers from Peter Livanos for about $1 billion, comprised of cash and 20% of Euronav’s equity. The credit facilities have an 8-year maturity, and the company will pay a commitment fee of 0.25% on the undrawn portion of the facility. The company has stated that it plans to operate most of its fleet in the spot market.
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Tags: · AP Moller, Calyon, Citibank, Deutsche Schiffsbank, DnB NOR, Euronav, General Maritime, HSH Nordbank, HypoVereinsbank, Metrostar, Nordea, Peter Livanos, Royal Bank of Scotland, Scotiabank, Tanklog, Worldwide/Bergesen
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