BW Offshore gets $800M loan for Catcher FPSO

BW Offshore has signed the facility documentation for the new USD 800 million ten year senior secured credit facility for the Catcher FPSO project.

The facility is a combined construction and long term financing facility. The credit facility was substantially oversubscribed by a group of 13 leading international banks. The Equity Ratio covenant (equity to total assets) in the Catcher facility is 25%, in line with BW Offshore’s three bond loans.

BW Offshore has also received consent from all lenders to amend the Equity Ratio covenant for the remaining bank loans from 30% to 25% in alignment with the Catcher facility. The other main covenants remain unchanged.