De Tijd: Euronav tanks 390 million of "cheap money"

On 7 January 2017 the Belgian newspaper De Tijd wrote an article on the new USD 410 million senior secured amortizing revolving credit facility Euronav had signed and was made available to the company on 16 December 2016. Underneath you can find a brief summary of the article:

"Euronav is building its war chest at a steady pace. Yesterday the tanker company tanked USD 100 million (EUR 95 million) through a sale and leaseback of four super tankers. Today Euronav announces that it has signed a credit facility of USD 410 (EUR 390 million) for the refinancing of 11 tankers and working capital. The loan will be used to refinance the existing facility of USD 500 million of 24 March 2014 and expires in 2023. CFO Hugo De Stoop says the current facility is not only more flexible but also 50 basis points cheaper than the last one, more exactly the LIBOR reference plus 2.25%. “We believe that in the current market bank loans are the best way to create value for shareholders in the long term”.

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Extra information about this article

Title De Tijd: Euronav tanks 390 million (euro) cheap money
Author Kurt Vansteeland
Date 07-01-2017