April 26, 2018

Euronav closes pair of financings

Crude tanker operator Euronav closed on 29 March a $220 million loan facility for Euronav and International Seaways to refinance floating storage and offloading (FSO) units FSO Africa and FSO Asia and to provide general working capital.

Mandated lead arrangers on the deal were ING Belgium and ABN Amro Bank.

ING Belgium provided a related $10 million guarantee facility into the transaction.

Law firm Watson Farley & Williams acted for ING Belgium.

Euronav closed on 22 March a $173.5 million loan facility covering four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries, two of which have recently been delivered with the remaining two vessels slated for delivery later in 2018.

Commercial lenders were Crédit Agricole CIB (CA-CIB), BNP Paribas Fortis and Sea Bridge Finance.

Export-Import Bank of Korea (Kexim) acted as export credit agency (ECA lender).

Watson Farley & Williams acted for CA-CIB.