OW Bunker Signs $700 Million Revolving Credit Facility

Danish ship fuel supplier OW Bunker has signed a $700 million revolving credit facility, it said on Wednesday.

OW Bunker is part of Wrist Group, a global supplier of bunker fuel and general shipping supplies, which has been owned by private equity company Altor since July 2007.

The new facility, which refinances a current $450 million facility, was more than 100 percent oversubscribed by 13 international banks and financial institutions led by ING Bank .

Morgan Stanley was hired by Altor to advise it on a sale of Denmark-based OW Bunker, three people familiar with the matter told Reuters in March 2013.