Euronav secures final capital for Maersk acquisition

Shareholders in Belgian Euronav have approved a final capital increase, ensuring the carrier the last USD 300 million needed for the purchase of Maersk Tankers' VLCC's. Euronav has taken delivery of the first ship.

The final step toward raising the USD 980 million for the acquisition of Maersk Tankers' fleet of VLCC vessels has now been completed, and Belgian Euronav has secured the necessary funds, says the carrier in a pres release after shareholders recently approved an additional USD 300 million capital increase, by issuing another 32,841,528 new shares.

The approval marked the last in line toward ensuring full financing for the vessels. In January the carrier managed to approve a USD 50 million capital increase, as well as issuing bonds with a seven-year maturation period for a total of USD 235 million, while a series of investors in the same month committed to putting up USD 500 million in credit to cover the acquisition, including DNB Bank, Nordea Bank Norge, and Skandinaviska Enskilda Bank (SEB).

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