The loan agreement was concluded with the current creditor ABN AMRO Bank N.V. for a loan tenor of 5 years.
The Company will utilize the majority of funds for the early repayment of the existing loan facility of the same creditor maturing in January 2022, which partly financed M/T Velebit, M/T Vinjerac and the purchase of newbuilding M/T Pag during 2015. The remaining funds will be invested in the above-mentioned vessels in order to maintain their high level of competitiveness.
The signing of this financial arrangement confirms the Company’s recognized position in the international banking market and provides continuous cooperation with a prominent international creditor who has placed its trust with the Company and recognized it as a reliable and long-term partner. Following its strategy of maintaining financial stability and liquidity, the Company has now fully implemented the plan to refinance its credit liabilities maturing in 2021 and 2022.
By concluding this financial arrangement, in addition to the one previously finalized in late 2020, the Company has now secured competitive refinancing for the whole fleet for the upcoming five-year period.