Supporting Teekay Tankers in US$270 million refinancing for fleet acquired under its merger with Tanker Investments Ltd
Clifford Capital has closed its second financing for Teekay Tankers as part of a group comprising largely Nordic banks in a US$270 million Senior Secured Revolving Credit Facility to refinance a fleet of 14 crude and product tankers. The vessels are part of a fleet of 18 tankers acquired following a merger between Teekay Tankers and Tanker Investments Ltd ("TIL"), which closed in November 2017.
Teekay Tankers has material presence in Singapore through subsidiaries with over 100 employees operating in Singapore. Teekay Tankers is part of the larger Teekay Group, which is one of the world's largest marine energy transportation, storage and production companies.
This transaction underscores Clifford Capital's goal in supporting Singapore's role as an International Maritime Centre and in encouraging international maritime companies to establish and grow their operations in Singapore.