BW Gas Votes on Taxes

Last week, BW Gas responded to the tax authority. First, the com­pany removed a major burden by refinancing the existing $1.5 bil­lion credit facility with a new five year unsecured revolving credit facility from BW Group Limited, the holding company of its main shareholder. The immediate effect of the refinancing will be the removal of the waivers granted on the equity covenants in the exist­ing loan agreement, which had been granted by external lenders fol­lowing the reduction in the company’s equity as a consequence of the Norwegian government’s decision to retroactively tax shipping companies. The company starts off fresh with a friendly lender with terms and conditions that are competitive with those offered by third party lenders.

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