DHT To Buy Samco For $317 Mln

(RTTNews) - Crude oil tanker company DHT Holdings Inc (DHT) Tuesday agreed to buy all the outstanding shares of Samco Shipholding, a private company incorporated under the laws of the Republic of Singapore.

DHT will acquire all the shares of Samco for $317 million in cash payable at the closing of the acquisition, subject to certain adjustments. The closing of the deal is expected in September 2014.

Samco owns and operates a fleet of seven very large crude oil tankers ("VLCCs") with an average age of about 4.5 years. Included in the transaction is Samco's 50% ownership in Goodwood Ship Management, a private ship management company that manages all of DHT's vessels.

Following the deal, DHT will have a fleet of 20 VLCCs.

As of August 2014, Samco had about $319.6 million of outstanding indebtedness under its credit agreements; DHT has obtained a committed and underwritten offer from affiliates of Nordea Bank AB and DNB ASA to refinance Samco's debt at a rate of LIBOR plus 2.5%.