Nordic American Tankers Limited (NYSE:NAT) - Refinanced Credit Facility up to the Autumn of 2017
Hamilton, Bermuda, October 22, 2012.
Nordic American Tankers ("NAT"), today announced that it has agreed with banks to establish a credit facility that will extend until the Autumn of 2017. As stated in the investor telephone conference, September 25 2012, we have been assessing various alternatives and amounts for the total financial requirements. The new non amortizing facility will total $430 million. The final documentation is expected to be completed shortly. The banking group consists of the leading Scandinavian banks DNB, Nordea and Skandinaviska Enskilda Banken. Today we have drawn $250 million of the current credit facility and have about $80 million in cash. Going forward the facility may be supplemented by other loan arrangements if events and opportunities warrant it. Commented the Chairman and CEO of NAT, Herbjørn Hansson: "I am pleased that this agreement has been entered into. This tells us that NAT is a preferred borrower. It gives NAT a continued solid financial footing and flexibility which will enable the company to grow, based upon both possible vessel acquisitions and newbuildings".