The facility includes an increase in a two-year committed tranche from $140 million to $210 million, representing, the company says “the syndicate’s continued endorsement and confidence in Peninsula’s business model”.
RBS remains as facility agent together with HSBC, Bankinter, Lloyds and UBS as existing lenders. The renewed facility sees the introduction of another top tier participant, Citibank, to the lending syndicate.
The company commented: “During the Covid-19 pandemic there has been a tightening of credit conditions in the market, with several banks pulling out of facilities and reducing exposure to the energy sector. In spite of this, Peninsula has successfully diversified its lending relationships while also strengthening its overall liquidity position.”
John A Bassadone, CEO of Peninsula said: “The renewal of our European credit facility marks another important milestone in the execution of our strategy bringing another two years of additional access to liquidity and increased committed lines.
The support we continue to receive from the banking sector shows trust and comfort in our model. It differentiates us in the market and compliments the high standard solutions that our customers expect from Peninsula”.
Peninsula’s transparency and conservative risk management approach puts it among the most trustworthy and responsible companies in the marine energy space. This has been at the core of Peninsula’s corporate values over the last 25 years.
The renewal of the European credit facility follows Peninsula’s strategic partnership with Enagas to build, own and operate
a 12,500 cubic metre LNG bunker tanker.
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