Belgian tanker giant Euronav has secured a $713 million loan facility from Norwegian finance provider Nordea.

The facility comprises a revolving credit facility of up to $469 million and a term loan of up to $244 million.

The loan facility was signed on September 11, 2020 with the first drawdown on October 15, 2020, Watson Farley & Williams, which acted as an advisor for the loan, said.

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, while Commonwealth Bank of Australia, Crédit Agricole Corporate and Investment Bank, Société Générale and Standard Chartered Bank acted as lead arrangers.

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.

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