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News Breaks | | | | October 23, 2012 | | 06:26 EDT |  | NAT | Nordic American Tanker refinanced credit facility up to the Autumn of 2017
Nordic American Tankers 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, Sept. 25, the company has been assessing various alternatives and amounts for the total financial requirements. The new non amortizing facility will total $430M. 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 the company has drawn $250M of the current credit facility and have about $80M in cash. Going forward the facility may be supplemented by other loan arrangements if events and opportunities warrant it. | |
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