Dutch Floater Expert SBM Offshore Signs $1.1bn Credit Facility
Dutch floater expert SBM Offshore has recently inked a $1.1 billion unsecured revolving credit facility with a consortium of 13 international banks. This move aims to refinance its existing $1 billion facility set to mature in February 2026.
The newly secured credit line spans five years with two one-year extension options and an uncommitted provision to increase the facility by an additional $500 million. Notably, a specific green tranche of $100 million within the loan can finance eligible green projects.
Furthermore, SBM Offshore closed a sale and leaseback financing deal for the FPSO Cidade de Paraty earlier this week, amounting to $400 million with an eight-year tenor. The transaction is slated for completion by the end of April 2025.
Under the terms of the agreement, SBM Offshore and its partners will oversee the operation and maintenance of the asset until the conclusion of the initial charter and operate contracts for the ensuing 8.5-year period.