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Sovcomflot Closes $264 Million Long-Term Revolving Credit Facility

Credit: Sovcomflot
Credit: Sovcomflot

By The Maritime Executive 2018-12-18 15:51:15

Sovcomflot (SCF Group) is pleased to announce that it has entered into a new $264 million six year revolving credit facility with a consortium of five leading international banks, including: Citibank; DVB Bank; ING Bank; Société Générale, and UniCredit acting as mandated lead arrangers and bookrunners with ING Bank acting as facility agent.

The credit facility is being used for the early refinancing of a balloon payment due on one of the Group’s tanker loan facilities maturing in 2019, whilst it also provides an additional line of available credit for general corporate purposes. The loan benefits from a favorable long-term tenor, competitive pricing, as well as a flexible revolving mechanism allowing for funds to be drawn and repaid as required.

Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot, said: “The completion of this credit facility marks the successful finalization of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa $900 million, which allows us to fully address the Group’s mid-term financing requirements, to optimize and smooth-out its debt repayment profile, and to build up an additional liquidity cushion.

“We are grateful to our long-standing financial partners for their continued support of SCF’s business. This new loan agreement clearly demonstrates the confidence of international lenders in the robustness of SCF Group’s business model amid continuing market volatility.”
 

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