August 5, 2014 / 5:36 AM / in 3 years

BRIEF-BW Offshore signs $800 mln bank loan

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:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below