TORM plc has signed a term sheet for financing of up to USD 130m with collateral in nine MR vessels. The financing agreement has been concluded with ABN AMRO, Danske Bank, DVB and ING. The financing agreement will mature on 31 March 2022 and is subject to customary conditions precedent and the execution of final loan documentation. The main conditions of the agreement are in line with the Company’s existing loan agreements.

“We are very pleased to continue the close cooperation with Danske Bank and to attract the three new strategic partners ABN AMRO, DVB and ING. With the recent DSF Facility from November, we have in the fourth quarter raised up to USD 160m in debt financing, which strengthens our financial and strategic flexibility,” says CFO Christian Søgaard-Christensen.

Today, TORM’s unutilized loan facilities and cash amount to USD 147m, excluding the new term sheet for financing.

Source: TORM