Subsea 7 Announces New Loan Facility
Source: www.gulfoilandgas.com 2/25/2021, Location: EuropeSubsea 7 S.A. announced that, on 24 February 2021, the Group entered into a $500 million five-year amortizing loan facility backed by a $400 million guarantee from UK Export Finance.
The Group has a two-year availability period during which to draw on the facility, and the facility has a five-year tenor which commences at the end of the availability period or when the facility is fully drawn, if earlier.
The facility can be used for general corporate purposes, including to provide working capital financing for services provided from the UK. The facility is guaranteed by Subsea 7 S.A.
John Evans, Subsea 7’s Chief Executive Officer, commented: “This flexible $500 million loan facility diversifies our sources of liquidity and supports our strategy of proactive participation in the Energy Transition.
The Group has a two-year availability period during which to draw on the facility, and the facility has a five-year tenor which commences at the end of the availability period or when the facility is fully drawn, if earlier.
The facility can be used for general corporate purposes, including to provide working capital financing for services provided from the UK. The facility is guaranteed by Subsea 7 S.A.
John Evans, Subsea 7’s Chief Executive Officer, commented: “This flexible $500 million loan facility diversifies our sources of liquidity and supports our strategy of proactive participation in the Energy Transition.
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