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Grieg Star completes refinancing

June 17 - Grieg Star has completed a senior debt refinancing, involving extended maturities for the financing of 23 vessels in its fleet.

Loans with original expiry set for 2017/2018 were extended with five or more years, with new expiry in 2022 or beyond. The refinancing was completed with five European banks.

Together with a sale and leaseback transaction completed earlier this year, a total of USD400 million of financing facilities has now been refinanced, said Grieg Star.

The shipping line operates 45 open hatch and dry bulk vessels, of which 31 vessels are on the balance sheet. The completed refinancing ensures long-term financing for all ships owned by the company.

In addition to extending maturities, the USD400 million refinancing will entail a cash release of more than USD50 million. Grieg Star stated that the added liquidity will, together with existing liquidity reserves, ensure strong cash reserves and financial strength going forward.

Grieg Star added that it has previously secured financing of newbuilding commitments and currently has no unfunded future capital expenditures.

"We are very pleased to have received continued support from quality financiers like DNB, Nordea, SR-Bank and ABN AMRO, including establishing new relationships with Credit Suisse," said Grieg Star ceo Camilla Grieg.

"This refinancing reflects our strong bank relationships and the importance of having capital sources available in a challenging market like what we see today."

 

 

www.griegstar.com

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