Frontline: Agreement to Finance Trafigura Suezmaxes

frontline-VLCC

Frontline has signed a sale-and-leaseback agreement in an amount up to USD 544 million with China’s ICBC Financial Leasing Co., Ltd. (ICBCL).

As informed, the proceeds of the lease financing will be used to finance the cash amount payable upon closing of the acquisition of ten Suezmax tankers built in 2019 under the sale and purchase agreement with a subsidiary of Trafigura targeted to take place on March 16, 2020.

The lease financing has a tenor of seven years and includes purchase options for Frontline throughout the term with a purchase obligation at the end of the term.

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