A.P. Møller-Maersk A/S announced yesterday the successful completion of a USD5.1 billion syndicated revolving credit facility with a selected group of 21 banks.
The new facility refinances a USD $6.75 billion facility that had been arranged in 2010 which matures next year. Maersk cites “current favourable conditions in the global bank loan market and reduced the financial costs” as reason for the early refinance.
“We have received strong support from our global relationship banks who all participate in the transaction. The facility was oversubscribed and we are very pleased with the terms and conditions of the new facility. With the new facility we have extended the maturity profile of our finance commitments, reduced cost and confirmed our global banking group,” says Jan B. Kjærvik, Head of Group Finance and Risk Management.
According to Maersk, the Facility has a maturity of five years which may be extended by up to two years and will be used for general corporate purposes.
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