Nordic American Tanker lines up $430 million five-year credit facility

By Susanna Moon

Chicago, Oct. 22 - Nordic American Tanker Shipping Ltd. said it plans to refinance its loans with a $430 million five-year credit facility through DNB, Nordea and Skandinaviska Enskilda Banken.

The non-amortizing facility will mature in the fall of 2017.

Nordic American Tankers has been assessing various alternatives and amounts for the total financial requirements, and it may supplement the facility with other loan arrangements if needed, according to a company press release.

The company said it has drawn $250 million of its current credit facility and has about $80 million in cash.

The facility gives the company "a continued solid financial footing and flexibility, which will enable the company to grow, based upon both possible vessel acquisitions and new buildings," chairman and chief executive officer of the company Herbjørn Hansson said in the release.

Nordic American is a tanker company based in Hamilton, Bermuda.

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