Frontline plc tanker giant said it had entered into three senior secured credit facilities for a total amount of up to $239m to refinance outstanding debt on three VLCCs and one suezmax tanker and, in addition, to provide revolving credit capacity in a total amount of up to $91.9m.
The company sealed the first deal in February in an amount of up to $119.7m with ING and First Citizens to refinance outstanding debt on two VLCCs and, in addition, to provide revolving credit capacity in an amount of up to $51.6m.
Frontline sealed a second deal also in February in an amount of up to $72.3m with Crédit Agricole to refinance outstanding debt on a VLCC and, in addition, to provide revolving credit capacity in an amount of up to $25.4m.
The company has also agreed in an amount of up to $47m with SEB to refinance outstanding debt on one suezmax tanker and, in addition, to provide revolving credit capacity in an amount of up to $14.9m.
Inger M. Klemp, Frontline Management AS chief financial officer, said: “In February 2025 we entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance three existing term loan facilities, with total balloon payments of $142.0 million maturing during 2025, leaving the company with no debt maturities until the end of 2026 and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million.”
“Through these new financings we further strengthen our strong liquidity and reduce our borrowing costs and cash break even rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders,” Klemp added.
Frontline reported that -as of December 31- the company’s fleet consisted of 81 vessels owned by the company (41 VLCCs, 22 suezmax tankers, 18 LR2/aframax tankers), with an aggregate capacity of approximately 17.8 million dwt.
