USD 288 million term loan facility
In May 2014, the company secured a USD 288 million credit facility. The credit facility, which has a maturity of seven years, consists of two tranches to be drawn upon delivery of Safe Notos and Safe Eurus. USD 144 million was drawn in Q1 2016 in connection with delivery of Safe Notos.
USD 1,300 million credit facility
In February 2015, the company secured a credit facility of USD 1,300 million. The credit facility, which has a maturity of seven years, consists of two term loan tranches of USD 800 million (drawn on closing) and USD 200 million (drawn on delivery of the Safe Zephyrus) and a revolver loan tranche of USD 300 million.
Refinancing - September 2016
On 5 September 2016, the refinancing was approved by all stakeholders. Reduction of amortisation on the two bank facilities for 4 years from Q1 2017 until and including Q4 2020 with a total positive liquidity effect for the company of USD 478 million. Significant financial covenant relief was obtained on both facilities to provide the company with sufficient headroom to operate.
90 per cent of the originally scheduled repayments in the period 1 January 2017 until 30 June 2019 have been postponed and are to be repaid on the final maturity date. For the period 1 July 2019 until 31 December 2020, 70 per cent of the scheduled repayments have been postponed until the final maturity date.
|MUSD 1300 facility||13||13||26||39||1154|
|MUSD 288 facility||1.2||1.2||2.4||3.6||126.6|
(Figures in MUSD)
Financial covenants in bank facilities: