Diamond S Shipping lands US$525 million credit to pay debt
DIAMOND S Shipping, a tanker owner and operator, has reached a deal on a five-year US$525 million credit facility that includes a $375 million term loan and a $150 million revolving credit facility
DIAMOND S Shipping, a tanker owner and operator, has reached a deal on a five-year US$525 million credit facility that includes a $375 million term loan and a $150 million revolving credit facility. The funds will be used to repay $501 million of current outstanding term loans.
'Diamond S is fortunate to work with a top tier group of international ship lending banks including Nordea Bank (New York Branch), Credit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken AB, ABN AMRO, National Australia Bank and BNP Paribas,' said CEO Craig Stevenson, reported Colchester's Seatrade Maritime News.
Said CFO Kevin Kilcullen: 'We are pleased that we were able to close on this facility and achieve a number of important goals, particularly given the challenging international environment for ship lending.
In connection with the extinguishment of debt, the company expects to recognise a non-cash charge of $4.1 million representing the write-off of deferred financing costs.
New York-listed Diamond S owns and operates 66 vessels, including 15 suezmaxes, one aframax and 50 MR product tankers.