GOGL – Golden Ocean and CMB TECH signed loan facilities of $2 billion to refinance outstanding debt in Golden Ocean

Rhea-AI Summary

Golden Ocean and CMB.TECH have secured $2 billion in loan facilities to refinance Golden Ocean's outstanding debt, marking a significant financial milestone ahead of their planned merger. The agreement includes a $1.25 billion term loan facility and a $750 million revolving credit facility (RCF). The term loan is scheduled for drawdown in Q2 and Q3 2025, while the RCF will become available after the merger's completion, expected in Q3 2025. Golden Ocean will serve as the borrower, with CMB.TECH acting as the parent guarantor. This refinancing arrangement follows CMB.TECH's earlier announcement in March 2025 regarding their identification of a bank syndicate for this purpose.

Positive

• Secured substantial $2 billion in financing facilities
• Diversified financing structure with both term loan and revolving credit facility
• Strong backing from bank syndicate demonstrates confidence in the merger
• Parent guarantee from CMB.TECH provides additional security

Negative

• Significant debt burden of $2 billion could impact financial flexibility
• RCF availability contingent on merger completion, creating timing uncertainty

Reference is made to the press release issued by CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) ("CMB.TECH") on March 4, 2025, which announced that they had identified a bank syndicate to refinance all or parts of the outstanding debt in Golden Ocean Group Limited (“Golden Ocean”).

Golden Ocean and CMB.TECH hereby announce the signing of a $2,000 million facilities agreement with a bank syndicate comprising a term loan facility of up to $1,250 million and a revolving credit facility (“RCF”) of up to $750 million which will become available following the completion of the planned merger between Golden Ocean and CMB.TECH, expected in Q3 2025. Golden Ocean acts as the borrower and CMB.TECH acts as the parent guarantor. 

The term loan facility of $1,250 million is expected to be drawn during the second and the third quarter of 2025.  

For further queries, please contact:

Peder Simonsen, CEO of Golden Ocean Management AS
Telephone: +47 22 01 73 40

Randi Navdal Bekkelund, CFO of Golden Ocean Management AS
Telephone: +47 22 01 73 40

June 20 2025
Hamilton, Bermuda

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

 

FAQ

What is the total value of Golden Ocean's new loan facilities with CMB.TECH?

The total value of the loan facilities is $2 billion, comprising a $1.25 billion term loan facility and a $750 million revolving credit facility.

When will GOGL's new loan facilities become available?

The $1.25 billion term loan facility is expected to be drawn in Q2 and Q3 2025, while the $750 million RCF will become available after the merger completion in Q3 2025.

Who are the main parties involved in GOGL's refinancing agreement?

Golden Ocean (GOGL) acts as the borrower, while CMB.TECH serves as the parent guarantor, with financing provided by a bank syndicate.

What is the purpose of GOGL's $2 billion loan facilities?

The loan facilities are intended to refinance Golden Ocean's outstanding debt in connection with the planned merger between Golden Ocean and CMB.TECH.

When is the merger between Golden Ocean and CMB.TECH expected to complete?

The merger between Golden Ocean and CMB.TECH is expected to complete in Q3 2025.