Euronav NV announced it recently signed an EUR 80 million unsecured revolving credit facility.
This new facility, which was significantly oversubscribed has been concluded with a range of commercial banks and the support of Gigarant, with sustainability and emission reductions as a component of the margin pricing. The flexible financing allows the company to strengthen its financial buffers for daily cash management. The conclusion of this funding brings facilities with an integrated sustainability component to 31.5% of Euronav’s total financing.
“Sustainability is at the core of what we do at Euronav, with the financing of our operations being a critical part of this approach”, says Lieve Logghe, CFO of Euronav. “Diversifying our funding sources whilst at the same time providing challenging and quantifiable targets for our sustainability progress are dual objectives for Euronav. This transaction with multiple banks achieves this strategic and operational objective.”
The facility will have a duration of minimum 3 years, with two 1-year extension options. A range of measurable sustainability features such as year-on-year reduction in carbon emissions starting from 2021 will be supported by compliance with the Poseidon principles.
The following banks form the lending consortium, KBC, ABN Amro, Belfius, ING, Societé Generale, BNP Paribas and SEB, supported by Gigarant.