Olso-listed Fairstar Heavy Transport has got an agreement with its bondholders to stave off any breach of covenant.

Growth path set with new funding

At the same time, the operator has announced a new loan with ship finance banks DNB Nor, ING and HSH Nordbank.

The modified bond agreement on paper worth NOK 300m secured the necessary two-thirds agreement from the bondholders.

The lending facility is for $167m and runs for five years at 300 basis points over Libor.

According