DHT Holdings reveals fresh $305m financing

DHT Holdings has revealed a new $305m secured credit facility. The proceeds will be used to refinance the outstanding amount on the company’s current ABN Amro credit facility and be secured by 10 ships.

The New York-listed owner of 23 VLCCs said the facility includes a six-year tenor and a 20-year repayment profile. It will bear interest at a rate equal to Secured Overnight Financing Rate (SOFR) plus a margin of 1.90%, including the historical Credit Adjustment Spread (CAS) of 26 basis points. The cost of the facility compares to a Libor equivalent margin of 164 basis points, representing a reduction in the company’s borrowing cost, DHT said.

ING and Nordea are acting as joint coordinators and bookrunners with ING, Nordea, Crédit Agricole, Danish Ship Finance and SEB as mandated lead arrangers. ING will act as agent for the credit facility, which was oversubscribed.

DHT Holdings logged a third-quarter 2022 net profit of $7.5m or $0.04 per basic share. In September 2022, the company announced a new dividend policy with 100% of net income being returned to shareholders in the form of quarterly cash dividends.