AET, the Malaysian tanker owner, has secured a $575m revolving credit facility (RCF) from a syndicate of six banks led by Standard Chartered.
The facility will be used to finance AET’s newbuild tankers and vessel acquisition programme. Financial terms were not disclosed
The other syndicate banks include BNP Paribas, DBS Bank, ING Bank, OCBC Bank, Societe Generale and Sumitomo Mitsui Banking Corp.
This transaction follows an earlier mandate supported by Standard Chartered. Late last year it extended a bilateral bridge loan to AET which will now be refinanced by the RCF.
“AET is gearing for growth and investing in more fuel-efficient ships to offer a young and green fleet, especially in the LNG dual-fuel space to spearhead its Green Sustainability Agenda,” Standard Chartered said.
“The company is set to continue to grow income and attract recurring income streams through a portfolio of long term charter agreements with leading oil companies and in niche specialisations that are tailored to customer requirements.”
Johan Munir, chief financial officer of AET said: “This is our first facility to fund our committed capex and it’s encouraging to note the oversubscription to this facility and the partnership extended. This agreement clearly demonstrates the confidence of international partners in AET.”
Nigel Anton, managing director and head, shipping finance at Standard Chartered, said: “These repeated transactions attest to our abilities to provide AET with well-structured and seamless financing solutions to meet the client’s business needs.”
