13:13 Berlian Laju Tanker repays USD 50m bridge-loan extension due today
(18 March)
Story: Berlian Laju Tanker (BLT) repaid earlier this week the USD 50m bridge-loan extension due today (18 March), according to a person familiar with the situation.
As reported, the USD 50m is the portion of a USD 250m secured bridge loan that was rolled over for three months when the facility came due in mid-December 2008 to give BLT time to raise new funding via vessel sales. However, the company was forced to make the payment out of internal resources because it failed to complete any sales in the interim, as reported.
Two of the original four lenders provided the USD 50m three-month extension under the same LIBOR+ 100bp terms as the original facility.
The lenders of the USD 250m bridge loan, which was granted in December 2007, were DnB NOR Bank ASA, Fortis Bank S.A/N.V, ING Bank N.V., and NIBC Bank Ltd.
BLT's USD 400m, 7.5%, 2014 bonds were this morning indicated at 20/24 by one bank and offered at 21 and 25 by two other banks, according to a buysider.
Source: Debtwire Intel. Grade: Strong evidence
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