Aug 5 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
* 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
* 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.
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