Bunker Holding A/S on Friday (26 April) entered into a US $1billion unsecured revolving credit facility with a syndicate of 12 leading global and regional banks.
The development represents one of the largest corporate credit facilities to date in the industry and it supports Bunker Holding Groups continued growth and the need for further financial flexibility in the light of IMO 2020, says the company.
The three-year credit facility includes a funding capacity framework of up to US $2.5 billion which is more than a US $1 billion increase compared to the current setup, and an option to extend up to 5 years.
The new credit facility refinances and increases an existing US $650 million revolving credit facility at competitive pricing and expands Bunker Holding’s banking landscape.
The syndicate banks are all reputable international banks and a blend of both new and existing bank partners, who will form the core relationship bank group for Bunker Holding Group going forward.
Deutsche Bank AG and Nordea Danmark have acted as Coordinators, Bookrunners and Mandated Lead Arrangers.
“The new international credit facility agreement is a milestone event for Bunker Holding and underscores lenders’ confidence in our business and strategy. I am looking very much forward to the cooperation with our new bank partners,” said Christian Mens, Group Treasury Director at Bunker Holding.
“2020 heralds a paradigm shift to our industry in many ways and bunker companies need to be more financially robust, with a stronger credit-worthiness than ever before,” adds Michael Krabbe, CFO at Bunker Holding.
“With this credit facility, we are very well prepared and positioned for the future – and I am very pleased with the agreement and the great results achieved by Christian Mens and his team.”
Photo credit: Bunker Holding
Published: 26 April, 2019
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
Cai Zhi Zhong received a total of about USD 1.3m to USD 1.6m, of which he saved a portion and spent the rest, including on property, cars and watches, according to court documents obtained by Manifold Times.