Navig8 Product Tankers enters into $130.3 million credit facility

By Tali Rackner

Norfolk, Va., April 25 – Navig8 Product Tankers Inc. entered into a $130.3 million senior secured credit facility agreement on Monday with Citibank NA, London Branch and Caixabank, SA, according to a press release.

The facility has a $26.1 million commercial tranche and a $104.2 tranche inured by Korean Trade Insurance Corp. Each drawdown from the facility will be comprised of 20% from the commercial tranche and 80% from the Korean Trade Insurance tranche.

The facility provides financing of about 65% of the contract price of four vessels.

“With a blended margin over Libor below 2%, we are pleased to have secured attractively priced financing for these vessels,” chief executive officer Nicolas Busch said in the release.

“Thus far, we have raised over $1.3 billion through a combination of equity, senior debt and sale and leaseback financings. We will continue to seek diverse and inexpensive sources of capital as we continue to accept deliveries from our newbuilding program.”

The facility will provide post-delivery financing for four of the company's 74,000 DWT LR1 product tankers constructed or under construction at STX Offshore & Shipbuilding Co. Ltd., including the Navig8 Experience, which was delivered to the company in March.

Navig8 is a Westport, Conn.-based shipping company.

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