Grieg

Norway-based Shipping company Grieg Star has closed a senior debt refinancing of $400m for 23 vessels in its fleet.

The refinancing, completed with five European banks, includes extended maturities for the financing of these vessels.

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Following the refinancing, loans with original expiry set for 2017/2018 were extended by five or more years, with the new expiry being 2021 or beyond.

"This refinancing reflects our strong bank relationships and the importance of having capital sources available in a challenging market."

Earlier this year, Grieg Star completed a sale and leaseback deal that combines a total of $400m of financing facilities, which has now been refinanced.

Grieg Star CEO Camilla Grieg said: "We are very pleased to have received continued support from quality financiers like DNB, Nordea, SR-Bank and ABN AMRO including establishing new relationships with Credit Suisse.

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"This refinancing reflects our strong bank relationships and the importance of having capital sources available in a challenging market like what we see today."

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Currently, the company operates 45 open hatch and dry bulk vessels, of which 31 are on the balance sheet.

The recently closed refinancing ensures long-term financing for all vessels owned by the company.

Additionally, the refinancing will entail a cash release of more than $50m, ensuring strong cash reserves and financial strength in future.

Previously, Grieg Star secured financing of newbuilding commitments and has currently no unfunded future capital expenditures.

Recently, the company had entered into a sale and leaseback agreement with a undisclosed Japanese counterpart for Star Louisiana, which is an open hatch vessel.

Image: Grieg Star closes $400m refinancing for 23 vessels. Photo: courtesy of Grieg Star.