BW Offshore has signed the facility documentation for the new USD 800 million ten year senior secured credit facility for the Catcher FPSO project. The facility is a combined construction and long term financing facility. The credit facility was substantially oversubscribed by a group of 13 leading international banks.
The Equity Ratio covenant (equity to total assets) in the Catcher facility is 25%, in line with BW Offshore's three bond loans. BW Offshore has also received consent from all lenders to amend the Equity Ratio covenant for the remaining bank loans from 30% to 25% in alignment with the Catcher facility. The other main covenants remain unchanged.