A subsidiary of Klaveness Combination Carriers ASA has closed a new USD 200 million senior secured bank facility, refinancing existing debt and extending debt maturities.

The facility consists of a 50/50 combination of a revolving credit facility (RCF) and a term loan, with a six-year tenor, a 20-year age-adjusted repayment profile, and bears interest at SOFR plus a margin of 165 bps p.a., representing an improvement in the overall financing terms compared with the existing facilities being refinanced. The new facility refinances USD 116.4 million of drawn bank debt and replaces USD 68.0 million of undrawn RCF capacity.

The refinancing has been arranged with the continued support of six relationship banks, comprising DNB, Credit Agricole, Nordea, SEB, Sparebank 1 Sør-Norge and Sparebanken Norge, currently participating in the two facilities being refinanced.

The new facility will fully refinance one existing facility maturing in 2028 and partially refinance a facility maturing in March 2027. Seven out of KCC’s eight CLEANBU vessels will serve as collateral under the new facility.

“The refinancing reflects KCC’s strong banking relationships and solid credit profile. By extending our debt maturity profile and securing attractive financing terms, we further strengthen the Company’s financial flexibility and funding visibility,” said Liv Dyrnes, CFO and Deputy CEO of KCC.

Source: KCC