Sovcomflot has entered into a new USD 264 million six-year revolving credit facility with a consortium of five international banks.
The credit facility is being used for the early refinancing of a balloon payment due on one of the Group’s tanker loan facilities maturing in 2019, whilst it also provides an additional line of available credit for general corporate purposes.
“The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, which allows us to fully address the group’s mid-term financing requirements, to optimise and smooth-out its debt repayment profile, and to build up an additional liquidity cushion,” Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot, said.
The deal was agreed with Citibank, DVB Bank, ING Bank, Société Générale, and UniCredit acting as mandated lead arrangers and bookrunners with ING Bank acting as facility agent.
Sovcomflot informed that the loan benefits from a favourable long-term tenor, competitive pricing, as well as a flexible revolving mechanism allowing for funds to be drawn and repaid as required.