Nordic American Tankers (NAT) may need to sell up to 10 of its older tankers to meet loan-covenant requirements if it puts into service a $375m DNB “backstop” facility scheduled to take effect on 1 July.
NAT also confirms in a public filing that a secured bond issue has come to the fore of options it is considering to avoid needing the DNB package, perhaps in combination with a smaller unsecured bond.
