Euronav firms $500m loan

Euronav has signed a final agreement on a $500m loan which will help pay for 15 VLCCs bought from Maersk Tankers.
Paddy Rodgers, chief executive of Euronav.

Paddy Rodgers, chief executive of Euronav.

Euronav says the giant facility is underwritten by DnB Bank, Nordea Bank Norge and Skandinaviska Enskilda Banken (SEB).

The six-year loan will carry an interest rate of LIBOR plus a margin of 2.75%, the tanker owner explains.

Details of the loan, which was first pencilled in during January as part of a wider funding package for the $980m Maersk deal, were released as Euronav announced its final consolidated results for 2013.

Further funds for the takeover came from two equity issues and a bond sale.

Euronav recorded a final loss of $89.68m for 2013, its consolidated accounts said. This is largely in line with the $88.3m loss revealed in its preliminary accounts.

As TradeWinds reports today the $980m Euronav paid for the Maersk fleet is looking like a good move right now. The same ships are worth $1.096bn this week, according to data from VesselsValue.com.

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