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Frontline could get $325 million of additional bank debt financing
By Devika Patel
Knoxville, Tenn., Oct. 11 – Frontline Ltd. plans to raise another $325 million in addition to the $548 million in bank debt financing that was raised in the second quarter and six months ended June 30, according to a company presentation.
“We are in the final stages of obtaining further bank debt financing of up to $325 million. The current newbuilding will then be fully financed, except STX, where we have chosen to wait given the uncertainty on deliveries,” Frontline Management AS chief executive officer Robert Hvide Macleod said at the Maritime Investor Conference on Tuesday.
As previously reported, Frontline said that it signed a senior unsecured loan facility of up to $275 million with an affiliate of Hemen Holding Ltd. in June. The loan carries an interest rate of 625 basis points.
In July, Frontline signed a $109.2 million senior secured term loan facility with ING Bank. The facility matures in 2021, carries an interest rate of Libor plus 190 basis points and has an amortization profile of 17 years.
In August, the company signed a $328.4 million senior secured term loan facility with China Exim Bank. The facility matures in 2029, carries an interest rate of Libor plus a margin in line with Frontline’s existing loan facilities and has an amortization profile of 18 years.
Also in August, Frontline secured a commitment for a $324.6 million second facility with China Exim Bank which matures in 2033, carries an interest rate of Libor plus a margin in line with Frontline’s existing loan facilities and has an amortization profile of 15 years.
The company also negotiated a $110.5 million senior secured term loan facility with Credit Suisse in August. The facility matures in 2022, carries an interest rate of Libor plus a margin of 190 basis points and has an amortization profile of 18 years.
Frontline is an Oslo-based oil tanker shipping business incorporated in Bermuda.
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