Listed Norwegian shortsea bulk carrier operator Wilson has entered into a refinancing agreement worth EUR175 million (USD192 million) that includes EUR20 million to cover costs of new projects.
The agreement, which was signed with DNB and SR Bank, will replace an existing mortgage finance-based facility. “The conditions of the new financing agreement will considerably increase the company’s freedom to act,” Wilson said in a statement.
The facility is priced at EURIBOR plus 275 basis points, which is 90 basis points lower than the rate of interest in the facility that it replaces. It also includes a number of covenants.
Wilson operates a fleet of 1,000 dwt to 8,500 dwt dry bulk carriers in European trades. Its fleet comprises 110 vessels, 83 of which it owns.