Odfjell SE - Chemical Tanker Industry Update
Efficient capital structure
Debt
Equity
LTV & Equity ratio
Financial targets
Break-even
FCF to equity
ROIC
Long-term priority
Efficient capital structure means having access to various capital sources to
secure flexibility and competitive cost of capital
1
Financial initiatives being taken
Jan-20 tap issues 33
Comments
Bond tap issues concluded in Jan-20 generating proceeds of USD 33 mill
Concluded
Unencumbered vessels
15
O Refinanced two mature unencumbered vessels in May
2
OTD sales proceeds
27
O Sale of OTD (unrelated to financial market turbulence)
To be
Concluded
Early refi of low LTV vessels
3
Liquidity facility
In processes of refinancing some vessels with a low LTV
O In a process to secure a new liquidity facility
ODF08
-83
The above initiatives to profice liquidity to redeem Jan-21 bond at maturity if needed
Strategy
RCF
O Possibility to repay our revolver to keep LTV and interest rate expenses at sustainable/unchanged levels
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