TORM has obtained commitment from leading ship lending banks for two separate term facilities and a revolving credit facility of up to a total of USD 496 million. These facilities replace four term loans and the company's existing revolving credit facility that all together on a fully drawn basis cover USD 502 million in debt. Following the refinancing, the company does not have any major debt maturities until 2026 which supports the company's strong capital structure. The new term debt is structured as a Syndicated Facility of up to USD 341 million with maturity in 2026 covering 27 modern vessels, a Term Facility of up to USD 110 million with maturity in 2025 covering 19 vessels built between 2002 and 2006, and a USD 45 million revolving credit facility maturing in 2026. The new facilities remove a total of USD 252 million 2021 maturity repayment (including currently undrawn amount). With the refinancing in place, the company has reduced the near- and medium-term debt and lease repayments significantly to an average annual level of USD 108 million throughout 2025, thereby supporting the company's strong capital structure and enhancing the Company's financial and strategic flexibility. The refinancing will only have a minor impact on the company's net Loan-to-Value, which was 50% as per 30 September 2019.