Supply Chain News / Ocean

Debt Financing of Maersk VLCC Fleet Acquisition Completed

Euronav NV is now acquiring the Maersk fleet.

February 6, 2014

The executive committee of Euronav NV has issued a USD $235 million 7-year bond to the same investors who participated in the capital increase of January 13, 2014, and it has signed a commitment letter for a USD $500 million senior secured credit facility with DNB Bank ASA (DnB), Nordea Bank Norge ASA (Nordea) and Skandinaviska Enskilda Banken AB (SEB).

Management further reports that Euronav and GSO Capital Partners LP (GSO) (which is a division of Blackstone, one of the world’s leading alternative asset managers and advisory firms) have formed a joint venture for the purpose of potentially purchasing some modern high-quality vessels from certain subsidiaries of OSG (Sellers), who are currently in Chapter 11 bankruptcy proceedings under the United States Bankruptcy Code. If the joint venture is the successful bidder for the assets in the bankruptcy sale process, which is being organized as an auction under Chapter 11, the joint venture will sell the vessels to Euronav shortly after Sellers’ delivery of the vessels. In the event that the sale of the vessels to Euronav is consummated, affiliates of GSO will receive, as part of purchase price paid by Euronav to the joint venture, both bonds and new equity issued by Euronav.

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