01 June 2023
BW Epic Kosan secures USD160 million refinancing with sustainability linked targets
Oslo/Singapore, 1st June 2023, BW Epic Kosan Ltd. (ticker "BWEK", "BW Epic Kosan" or the "Company") today announced that it has secured its first Sustainability Linked Loan (“SLL”) to refinance 19 vessels for up to US$140 million alongside an acquisition line of US$20 million to finance potential growth opportunities.
The SLL includes a sustainability-linked margin adjustment with two Key Performance Indicators (KPIs). One KPI is linked to reducing fleet emissions and the second to increasing the number of female seafarers in the Company’s employment. The refinancing completed today, after which there are no loan expiries until 2026.
The syndicate includes ABN AMRO Bank as Sustainability Coordinator and Credit Agricole Corporate and Investment Bank as Documentation Agent, jointly acting as Bookrunning Mandated Lead Arrangers, along with Skandinaviska Enskilda Banken, Standard Chartered Bank and Iyo Bank.
Charles Maltby, CEO of BWEK, says, “This is BW Epic Kosan’s first Sustainability-Linked Loan. We appreciate the support from our financial partners on our important initiatives to reduce climate impact from vessel operations and to improve gender diversity in shipping. We look forward to collaborating further with all partners to achieve our sustainability goals.”
The Company’s sustainability report is available on our website.
For more information please contact:
BW Epic Kosan Ltd.
Uta Urbaniak-Sage Charles Maltby
Chief Financial Officer Chief Executive Officer
Tel. +65 6230 7801
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