Watson Farley & Williams (“WFW”) has advised Nordea, on a US$713m loan facility for Euronav NV, comprising a revolving credit facility of up to US$469m and a term loan of up to US$244m.
The loan facility was signed on 11 September 2020 with the first drawdown on 15 October 2020. The first drawdown refinanced indebtedness in relation to nine VLCCs and three Suezmaxes and security included Belgian, Greek and French mortgages over these ships. The facility will also assist in financing part of the acquisition costs of four VLCCs under construction at DSME and provide general corporate and working capital.
Nordea, ABN AMRO, BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING BANK NV and KBC Bank NV acted as Mandated Lead Arrangers and Bookrunners, Commonwealth Bank of Australia, Crédit Agricole Corporate and Investment Bank, Société Générale and Standard Chartered Bank acted as Lead Arrangers and Belfius Bank SA/NV, Danish Ship Finance A/S, Deutsche Bank, Scandinaviska Enskilda Banken AB (PUBL) and National Australia Bank Limited acted as Co-Arrangers and ING BANK NV acted as Swap Coordinator with Nordea also acting as Coordinator and Sustainability Agent as well as Agent and Security Trustee.