Prosafe is financed by secured bank debt.
USD 144 million credit facility (2017: USD 288 million credit facility)
In May 2014, the company secured a USD 288 million credit facility. The credit facility, which has a maturity of seven years, initially consisted 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 the delivery of Safe Notos. The Safe Eurus tranche has been deleted, as Safe Eurus was financed by seller credit from Cosco.
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.