| Scheduled Debt Repayments |
Scheduled debt repayments
| |
|
Interest
|
|
|
|
|
|
|
|
Q4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in thousands
|
|
rate
|
|
|
|
Maturity
|
|
|
|
2024
|
|
|
|
2025
|
|
|
|
2026
|
|
|
Thereafter
|
|
|
Total
|
|
|
Credit Agricole Credit Facility
|
|
|
SOFR + 2.05
|
%
|
|
|
2028 |
|
|
|
625
|
|
|
|
2,500
|
|
|
|
2,500
|
|
|
|
27,500
|
|
|
|
33,125
|
|
Danish Ship Finance Credit Facility 1
|
|
|
SOFR + 2.00
|
%
|
|
|
2025 |
|
|
|
1,213
|
|
|
|
26,693
|
|
|
|
-
|
|
|
|
-
|
|
|
|
27,907
|
|
|
ING Credit Facility 2
|
|
|
SOFR + 1.90 |
%
|
|
|
2029 |
|
|
|
6,250 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
|
161,150 |
|
|
|
217,400
|
|
|
ING Credit Facility
|
|
|
SOFR + 1.80 |
%
|
|
|
2029 |
|
|
|
750 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
35,250 |
|
|
|
42,000
|
|
|
Nordea Credit Facility 3
|
|
|
SOFR + CAS4 + 1.90
|
%
|
|
|
2027 |
|
|
|
-
|
|
|
|
23,715
|
|
|
|
23,715
|
|
|
|
46,091
|
|
|
|
93,521
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
8,838
|
|
|
|
80,908
|
|
|
|
54,215
|
|
|
|
269,991
|
|
|
|
413,952
|
|
|
Unamortized upfront fees bank loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,323
|
)
|
|
Total interest bearing debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
407,629
|
|
1 Semiannual installment
2 $50.1 mill. undrawn as of September 30, 2024
3 $140.0 mill. undrawn as of September 30, 2024
4 3 months Credit Adjustment Spread (CAS) of 0.26%
|
| Financial Covenant Compliance |
The Company’s financial covenants as of September 30, 2024, are summarized as follows:
| |
|
ING |
|
Credit Agricole |
|
Danish Ship Finance |
|
Nordea |
|
|
|
Credit Facility
|
|
Credit Facility
|
|
Credit Facility
|
|
Credit Facility
|
|
Security
|
|
11 VLCCs
|
|
1 VLCC
|
|
1
VLCC
|
|
11 VLCCs
|
|
Charter free market value of vessels that secure facility must be no less than
|
|
135% of borrowings
|
|
135% of borrowings
|
|
135% of borrowings
|
|
135% of borrowings
|
|
Value adjusted* tangible net worth
|
|
$300 million and 25% of value adjusted total assets
|
|
$300 million and 25% of value adjusted total assets
|
|
$300 million and 25% of value adjusted total assets
|
|
$300 million and 25% of value adjusted total assets
|
|
Unencumbered cash of at least
|
|
Higher of $30 million or 6% of gross interest bearing debt
|
|
Higher of $30 million or 6% of gross interest bearing debt
|
|
Higher of $30 million or 6% of gross interest bearing debt
|
|
Higher of $30 million or 6% of gross interest bearing debt
|
|
Guarantor
|
|
DHT Holdings, Inc.
|
|
DHT Holdings, Inc.
|
|
DHT Holdings, Inc.
|
|
DHT Holdings, Inc.
|
*Value
adjusted is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by a broker approved by the financial institution)
|