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NSI NV wraps up €285M refinancing, reduces cost of debt

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NSI NV wraps up €285M refinancing, reduces cost of debt

NSI NV completed €285 million in refinancing, reducing its cost of debt to below 3.0% from 3.4% at the end of the third quarter.

The company refinanced €250 million in revolving credit facilities. The loans, extended for 1.5 years, were increased by €15 million to €265 million, at lower margins.

Additionally, a new agreement was signed with Rabobank for a €20 million unsecured credit facility, which will be merged into the company's existing syndicated loan facility.

The proceeds are intended to refinance a €27.5 million secured FGH loan, releasing a pool of secured assets worth €114 million as of September 2016.

The agreements will increase the company's average debt maturity to 4.2 years from 3.8 years, according to a company release.