Exmar takes steps to increase liquidity

Belgium’s Exmar, the Nicolas Saverys-led shipowner, said it has repaid its outstanding bond financing it through a new $75 million bond issuance and its available resources. 

Exmar already secured the financing of the FSRU barge in the second quarter of 2019. The financing is approved by the credit committee of CSSC, but due to a delay in the finance documentation with CSSC, the financing is not concluded yet. The completion of the documentation is expected in the course of the third quarter of 2019, the company said in a statement.

Further to the successful performance acceptance tests of the Tango FLNG in June, Exmar said it has met all conditions for the partial release of the debt service reserve amounts for the repayment of the $200 million loan with Bank of China and Deutsche Bank ($40 million in a first phase).

This repayment is subject to the approval of SINOSURE, the latter taking more time than previously communicated. Exmar expects this to occur in the course of the third quarter of 2019.

Exmar has taken further steps to increase its liquidity, signing an agreement with Compagnie Maritime Belge for the sale of 50 percent of its shares in RESLEA, owner of the office buildings in Antwerp.

The company expects to meet all its financial covenants by December 2019.