Hunter Tankers, a subsidiary of Norwegian investment company Hunter Group, has signed a short-term USD 3 million revolving credit facility agreement.
The loan, signed with the company’s largest shareholder, Apollo Asset, a company owned by board member Arne Fredly, does not include any financial covenants and may be used to partially finance the group’s current newbuilding program and for general corporate purposes.
The USD 3 million facility carries a total interest rate of 5.00% p.a., all inclusive. The outstanding amount is secured by parent guarantee from Hunter Group ASA.
The company informed that the loan is available as from the date hereof, and any outstanding amount must be repaid at the latest on the date prior to the date for the first VLCC delivery.
Apollo Asset has the option to cancel the facility at any time, whereupon any outstanding amount become due and payable, on the earliest of the date falling one month after such demand, or the date prior to the date for the first VLCC delivery.