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Russia’s Sovcomflot raises $900 million in foreign investment

Moscow - Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks

Moscow - Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks, including: Citibank; DVB Bank; ING Bank; Société Générale, and UniCredit acting as mandated lead arrangers and bookrunners with ING Bank acting as facility agent.

“The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, which allows us to fully address the Group’s mid-term financing requirements, to optimise and smooth-out its debt repayment profile, and to build up an additional liquidity cushion.

The credit facility is being used for the early refinancing of a balloon payment due on one of the Group’s tanker loan facilities maturing in 2019, whilst it also provides an additional line of available credit for general corporate purposes. The loan benefits from a favourable long-term tenor, competitive pricing, as well as a flexible revolving mechanism allowing for funds to be drawn and repaid as required.

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