Grieg Star Wraps Up USD 400 Mn Refinancing

Norway-based shipping company Grieg Star has completed a USD 400 million senior debt refinancing involving extended maturities for the financing of 23 vessels in the fleet.

Loans with original expiry set for 2017/2018 were extended for five or more years with new expiry being 2021 or beyond.

The refinancing was completed with five European banks.

“We are very pleased to have received continued support from quality financiers like DNB, Nordea, SR-Bank and ABN AMRO including establishing new relationships with Credit Suisse. This refinancing reflects our strong bank relationships and the importance of having capital sources available in a challenging market like what we see today,” Camilla Grieg, CEO of Grieg Star, said.

Grieg Star operates 45 open hatch and dry bulk vessels of which 31 vessels are on the balance sheet.

“The completed refinancing ensures long-term financing for all vessels owned by the company,” the company said.  

In addition to extending maturities, the refinancing sum will entail a cash release of more than USD 50 million. Together with the existing liquidity reserves, the added liquidity “will ensure strong cash reserves and financial strength going forward”, according to the company.

Grieg Star had previously secured financing of newbuilding commitments and has currently no unfunded future capital expenditures, as explained by the company.

Share this article

Follow World Maritime News

In Depth>


<< Oct 2019 >>
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >