ATHENS, GREECE, July 3, 2023 – Okeanis Eco Tankers Corp. (the “Company” or “OET”) (Oslo Bors: OET) today announced the closing of a new $113 million senior secured credit facility (the “Facility”) provided by ABN AMRO BANK N.V., to refinance existing indebtedness at significantly improved terms, in line with the Company’s strategy towards capital structure optimization. The proceeds will be used to refinance existing indebtedness under the VLCC vessel Nissos Keros and the Suezmax vessels Kimolos and Folegandros, and prepay the Company’s scrubber financing, at equal leverage terms. The Facility is repaid quarterly, matures in 5 years, is priced at 190 basis points above the Secured Overnight Financing Rate (“SOFR”), and will be secured by the Nissos Keros, the Kimolos and the Folegandros. The pricing is not further adjusted by the historical Credit Adjustment Spread (“CAS”) of 26 basis points, translating to a US Libor-based credit spread equivalent of 164 basis points.
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Bors under the symbol OET. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.
Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “anticipates”, “forecast” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts that are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecast developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.
The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.