New US$ 300 million revolving credit facility for CMB/Bocimar

Shipfinance — By on December 18, 2012 at 8:49 PM

CMB_Logo_bgCMB has signed a USD 300 million senior secured reducing revolving   credit facility with DNB Bank ASA and Nordea Bank Norge ASA as lead   arrangers and bookrunners, Belfius Bank nv/sa, Fortis Bank sa/nv, KFW   IPEX-Bank GmbH and Skandinaviska Enskilda Banken AB (publ) as lead   arrangers and ABN Amro Bank N.V., KBC Bank NV and Scotiabank Europe plc   as co-arrangers. Nordea Bank Norge ASA will also act as agent for the   facility.  

The facility has a term of 6 years and 1 month and bears interest at a   rate of LIBOR+3.00%. On the undrawn portion of the facility a commitment   fee of 1.00% will be paid. Over the 6 year term the loan amount reduces   to USD 140 million. It is expected that at the end of the year 2012 USD   219 million will be drawn under the facility.

The proceeds from this facility will be used to refinance the existing   indebtedness under the USD 600 million loan agreement dated 21 December   2005, part-finance the 6 Samjin newbuilding vessels scheduled for   delivery in 2013 and 2014 and for general corporate purposes.

The placing of the facility was very successful with an oversubscription   of 100%, confirming CMB’s reputation and standing in managing its   financial risks in today’s challenging financial markets.

CMB is very pleased that it was able to secure this facility with its   mainstay of committed financial institutions. The successful completion   also demonstrates the trust that lenders have in CMB and in the way CMB   manages its relationship with its core team of bankers.    contact: Frank GEERTS   +32 3 – 247 59 10

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