Secured source of funding for three tankers from Tankerska Next Generation's fleet

Tankerska Next Generation Inc. and the distinguished Dutch bank ABN AMRO Bank NV have concluded a loan agreement which will secure  the necessary funding for three vessels in TNG's fleet.

Part of the transaction worth 52.65 million USD, will be used to finance the delivery installment for MT Pag, which has been initially funded by the proceeds from the secondary public offering, while the balance of the financing from the transaction will be used to substitute the existing sources of funding for MT Velebit and MT Vinjerac. Partnership with ABN  will allow Tankerska Next Generation Inc. to continue the strategy of moderate indebtedness focused on efficiency and the creation of value for shareholders.

The loan tenor is six years and is secured at competitive market conditions for ship financing. It will be repaid in 24 consecutive quarterly installments based on 14,5 year repayment profile and a ballon repayment of the remaining balance bringing the outstanding balance to zero which is due together with the final installment.

„Signing of the new loan agreement with a prominent financial institution such as ABN AMRO will have an influential role in achieving the strategic plans and objectives of TNG. The bank has recognized our project and the management's efforts, achieving competitive loan conditions, and thus gaining a strong partner who will provide the necessary support on our way to achieve our strategic goals", said John Karavanić, CEO of Tankerska Next Generation Inc.

photo: abnamro.com