Hamilton, Bermuda - April 24, 2018
DHT Holdings, Inc. (NYSE:DHT) ("DHT") announced that it has entered into a $485 million secured credit facility agreement with a six year tenor for the refinancing of 13 of the Company's VLCCs. The new credit facility will bear interest at a rate equal to Libor + 2.40% and will have a 20-year repayment profile. Other terms and conditions are also in line with DHT's current credit facilities.
The credit facility was oversubscribed by 60% and all of DHT's nine existing relationship banks committed to significant amounts (ABN Amro, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank).
Also, DHT has entered into an agreement with ABN Amro to increase the Company's revolving credit facility to $57.0 million from the current availability of $43.4 million. The revolving credit is currently undrawn.
The co-CEOs Svein Moxnes Harfjeld and Trygve P. Munthe in a statement commented that the refinancing endorses our access to bank financing at attractive terms through solid support from our relationship banks. The new facility includes a 20-year repayment profile supporting our focus on robust cash break even levels for the fleet. With the new credit facility and the increased revolving credit facility DHT has:
• extended the maturity for the refinanced facilities to Q2 2024
• increased its liquidity position
• reduced its cash break even
The following credit facilities are being refinanced:
About DHT Holdings, INC.
DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC and Aframax segments. We operate through our integrated management companies in Oslo, Norway and Singapore. You shall recognize us by our business approach with an experienced organization with focus on first rate operations and customer service, quality ships built at quality shipyards, prudent capital structure with robust cash break even levels to accommodate staying power through the business cycles, a combination of market exposure and fixed income contracts for our fleet and a transparent corporate structure maintaining a high level of integrity and good governance. For further information: www.dhtankers.com.
DHT Holdings, Inc. press release