DHT Holdings Clinches USD 485 Mn Refinancing Deal

TankerIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

Crude oil tanker owner and operator DHT Holdings has entered into a USD 485 million secured credit facility agreement for the refinancing of 13 of the company’s VLCCs.

The new credit facility, with a six-year tenor, will bear interest at a rate equal to Libor + 2.40 pct and will have a 20-year repayment profile.

The credit facility was provided by ABN Amro, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank.

The vessels concerned are Sundarbans, Taiga, Redwood, Hawk, China, Falcon, Condor, Leopard, Lion, Panther, Puma, Mustang and Bronco.

In addition, DHT has entered into an agreement with ABN Amro to increase the company’s revolving credit facility to USD 57 million from the current USD 43.4 million. The revolving credit is currently undrawn.

Commenting on the refinancing deal, the co-CEOs Svein Moxnes Harfjeld and Trygve P. Munthe said that the facility has supported the company’s focus on robust cash break even levels for the fleet.

The facility extends the maturity for the refinanced facilities to the second quarter of 2024 and increases DHT Holdings’ liquidity position.

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