International Seaways, Inc. announced it has closed on senior secured credit facilities, in an aggregate principal amount of $390 million. The Facilities consists of a 5-year $300 million senior secured term loan facility, a 5-year $40 million revolving credit facility, of which $20 million has been drawn, and a 2.5-year $50 million senior secured term loan credit facility. The proceeds from the Facilities were used to refinance $385 million existing high-cost secured and unsecured debt of the Company and its subsidiaries. This included repaying the Company’s 2017 Term Loan Facility and its senior secured credit agreement with ABN and repurchasing the Company’s outstanding 10.75% subordinated notes. Borrowings under the Core Term Loan Facility and the Core Revolving Facility (the “Core Facilities”) initially bear interest at LIBOR plus 2.60%, while borrowings under the Transition Facility bear interest at LIBOR plus 3.50%. The margin on the Core Facilities may adjust by 0.20%, based on whether the Company meets certain leverage ratios. The Company currently anticipates the margin on the Core Facilities will decrease to 2.40% by the third quarter of 2020. Nordea Bank Abp, New York Branch (“Nordea”), ABN AMRO Capital USA LLC (“ABN”), Crédit Agricole Corporate & Investment Bank, DNB Capital LLC and Skandinaviska Enskilda Banken AB (PUBL) acted as Mandated Lead Arrangers and Bookrunners. Nordea acted as Administrative Agent.