Home About UsPublicationsForumsConsultingContact Us
Back to Earlier Search Results New Search Logout


CMA Shipping 2011

Marine Money Forums

Marine Money Asia Week

Freshly Minted Newsletter

Marine Finance Dashboard

Plop-plop, Fizz-fizz, Oh What a Relief It Is” – TORM Extends

On Wednesday, TORM was able to announce an actual, as opposed to rumored, refinancing of its $900 million revolving credit facility with Danske Bank, BNP Paribas, HSH Nordbank, and SEB which was scheduled to mature in 2013 with a bullet payment of $630 million. Conditioned upon a cash equity raise of $100 million, likely a rights issue, to be completed by December 15th, the banks have agreed to extend the maturity to 2015, when it matures with a bullet payment of $480 million. The difference in the balloon payments of $150 million will be amortized during that two year period. The facility will retain the current covenant package and will include a market value test applicable from 2013 as well as dividend restrictions.

This is only an excerpt of Plop-plop, Fizz-fizz, Oh What a Relief It Is” – TORM Extends

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.

Existing Users Login


Related Archive Files

  • No Related Post

Written by: | Categories: Freshly Minted, The Week in Review | June 30th, 2011 |

Tags: · , , , ,

Leave a Reply

You must be logged in to post a comment.

Copyright 2008. Marine Money. All Rights Reserved.