NAT Refinances Credit Facility
- Business & Finance
New York-listed shipping company Nordic American Tankers (NAT) has agreed to extend and refinance its current credit facility up to end 2020 covering its 26 vessel Suezmax fleet.
The new non amortizing facility is increased from USD 430 million to USD 500 million, based on improved terms. The banking group consists of DNB Bank, Nordea and Skandinaviska Enskilda Banken.
“Nordic American has a very strong balance sheet compared with other stock listed tankers companies. The high equity gives NAT a continued solid financial footing and flexibility which will strengthen the company for further growth,” the company said.
NAT has a fleet of 26 Suezmax vessels including two newbuildings scheduled for delivery in 3Q2016 and in early 2017.
Going forward, NAT has revealed plans to increase its dividend and earnings capacity through further expansion.