Höegh Autoliners Gets Loan Approval Upto $400m


A recent news article published in the Splash 247 states that Höegh Autoliners frees up ten ships with new $400m loan.

Höegh Autoliners receives approval from banks

Norwegian car carrier player Höegh Autoliners said it has received approval from nine Nordic and European banks for an up to $400m senior secured loan that will be used to pay off its existing credit facility.

As a result, the planned transaction will see the Oslo-listed company release a total of 10 ships from its collateral package, leaving 13 vessels built between 1995 and 2005 with an aggregated market value of $437m unencumbered.

Increased financial flexibility

The shipowner added the refinancing would also result in increased financial flexibility for the company as it would provide a reduced annual amortisation from $80m to $52m, reduced margin and extended maturity to January 2028.

Completion of the transaction is expected by June 2022.

Did you subscribe to our daily Newsletter?

It’s Free! Click here to Subscribe

Source: Splash247


This site uses Akismet to reduce spam. Learn how your comment data is processed.