Golden Ocean Inks Refinancing Deal for 10 Bulkers


Norwegian dry bulk shipping company Golden Ocean Group Limited (GOGL) has secured a USD 120 million loan facility to refinance ten ships at favorable terms, the company said.

The loan would be used to refinance USD 58.3 million due under two loan facilities maturing in 2018 and seller credit loans of USD 65.5 million.

The facility has a seven year tenor, will be repaid in quarterly installments based on a 20-year age profile, and bears interest of LIBOR plus a margin of 2.25 pct.

“Our new USD 120 million loan facility that refinanced 10 vessels was completed on attractive terms. It reduces our interest expense and pushes out the average tenor of our debt. We remain focused on maintaining a moderate amount of leverage on our balance sheet, and have repeatedly been successful at accessing attractively priced capital,” Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, commented.

Since the start of the year, GOGL was busy making room for the arrival of five newbuilding Capesize bulkers and one second-hand acquisition, the Golden Monterrey.

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