The Executive Committee of Euronav NV  announced that it has signed a new $750 million senior secured amortizing revolving credit facility led by DNB Bank ASA and Nordea Bank Norge ASA acting as coordinators, mandated lead arrangers and bookrunners and ABN AMRO Bank NV, ING Bank NV and Skandinaviska Enskilda Banken AB (publ) (SEB) acting as mandated lead arrangers and bookrunners and Crédit Agricole Corporate and Investment Bank acting as lead arranger with KBC Bank NV, Scotiabank Europe plc and Société Générale acting as co-arrangers. The additional lenders are Belfius Bank SA/NV and HSBC Bank plc. Nordea is also the facility agent.

Paddy Rodgers, CEO of Euronav said: "This new facility which was 1.35 times oversubscribed will provide a lot of flexibility for Euronav going forward. We believe that in today's market bank loans are the best way to create shareholder's value for the short as well as for the long term. The margin and the structure are a token of our solid relationship with a stable group of supporting lenders and we are very grateful to be in such a strong position."

The facility will be available as from today for the purpose of (i) refinancing 21 vessels; and (ii) financing four newbuilding VLCCs vessels recently acquired as announced in our press release of 16 June 2015 as well as (iii) Euronav's general corporate and working capital purposes.

The facility will refinance two existing facilities: the $750 million loan agreement dated 22 June 2011 and the $65 million facility signed on 23 December 2011.

The credit facilities will mature on 1 July 2022 and carry a rate of LIBOR plus a margin of 195 bps (compared to a margin of 300 bps on the facilities being refinanced) and have similar financial covenants as the other existing facilities.

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil.