Euronav finalises cash for VLCC purchases

Feb 28 2014

A meeting of Euronav shareholders this week has approved a $300 mill capital increase against issuance of 32,841,528 new shares.

The extra capital will be used as part of the purchase price of the 15 Maersk VLCCs.

Following the $50 mill capital increase that took place on 13th January 2014 as well as the issue of a $235 mill seven-year bond and the signing of a commitment letter for a $500 mill senior secured credit facility earlier this month, this approval is the last step required for the full financing of the acquisition of the Maersk Tankers’ fleet.

By 24th February, 2014, the first two VLCCs had been delivered – ‘Maersk Nautilus’ and ‘Maersk Nucleus’. 

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