Gram Car Carriers ASA has signed an agreement to refinance the debt for the Mediterranean Sea (5,000 CEU, 2010) through a drawdown of an accordion facility under the Group's existing senior secured credit facility. The accordion facility comprises a 15 million term loan and a 15 million revolving credit at terms identical to the existing senior secured facility with a grid pricing at 2.4% above SOFR, which may reduce to 2.25% when net debt to EBITDA falls below 1.5. This compares to 3.25% above SOFR before the refinancing. Available commitments under the senior secured credit facility have increased from USD 302 million to USD 332 million.

The refinancing will generate net cash proceeds of around USD 4 million and a USD 19 million increase of the Group's liquidity reserve.