BRIEF-BW Offshore signs $800 mln bank loan

Tue Aug 5, 2014 1:35am EDT

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Aug 5 (Reuters) - BW Offshore Ltd

* BW Offshore has signed the facility documentation for the new USD 800 million ten year senior secured credit facility for the Catcher FPSO project.

* The facility is a combined construction and long term financing facility.

* The credit facility was substantially oversubscribed by a group of 13 leading international banks.

* The Equity Ratio covenant (equity to total assets) in the Catcher facility is 25%, in line with BW Offshore's three bond loans.

* BW Offshore has also received consent from all lenders to amend the Equity Ratio covenant for the remaining bank loans from 30% to 25% in alignment with the Catcher facility.

* The other main covenants remain unchanged. Source text for Eikon: Further company coverage: