Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    DeepOcean secures new credit facility

    Company News // March 7, 2013

    DeepOcean Group has secured a new €125 million senior credit facility. The agreement consists of a €95 million senior secured revolving credit facility including an ancillary feature for performance guarantees and a €30 million senior secured term loan facility.

    Both the revolving credit facility and the term loan facility have a three-year maturity extending to February 2016.

    “We are pleased with the successful completion of this senior credit facility. The new revolver heightens our liquidity position and financial flexibility, further strengthening the group’s balance sheet and enhancing our ability to invest in selected growth opportunities,” said Frank Eggink, DeepOcean Group's CFO. 

    “This level of commitment from high calibre financial institutions subscribing to this transaction represents a vote of confidence in our operating performance and the financial strength of our company.”

    All the material subsidiaries in the Group will have access to the funds made available under the facility.

    A total of five financial institutions from four countries (ABN AMRO Bank NV, Barclays Plc, Sparebank 1 SR-Bank ASA, NIBC Bank NV and  RB International Finance (USA) LLC participated in the transaction, underscoring the international scope of the DeepOcean Group’s operations.

    The facility offers improved pricing and terms, and provides for borrowings in multiple currencies.


    More articles from this category

    More news