Danish tanker shipping company TORM has obtained a commitment for a total of USD 496 million from a syndicate of lenders to refinance its debt and bolster its capital structure.

The company said the total amount is a combination of two separate term facilities and a revolving credit facility, which will be used to refinance the company’s debt covering a total of USD 502 million.

“I am very pleased that we have been able to utilize TORM’s strong relationship with our lenders to remove all major near- and medium-term debt maturities with the financing of USD 496m in debt facilities at attractive terms. TORM’s new debt repayment profile further strengthens our capital structure and supports financial and strategic flexibility for our Company,” says CFO Kim Balle.

The new term debt is structured as a Syndicated Facility of up to USD 341 million with maturity in 2026 covering 27 vessels, a Term Facility of up to USD 110 million with maturity in 2025 covering 19 vessels built between 2002 and 2006, and a USD 45 million revolving credit facility maturing in 2026.

The bank group in the Syndicated Facility and the revolving credit facility includes Danske Bank, ING, ABN AMRO, Nordea, Swedbank, Crédit Agricole CIB and Société Générale. Hamburg Commercial Bank is providing the USD 110 m Term Facility. Following the refinancing, TORM will not have any major debt maturities until 2026.

TORM expects to finalize documentation and execute the refinancing during the first quarter of 2020. The company operates a fleet of 80 ships.

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