Following several waiver extensions, Nordic American Offshore (NAO) announced that it reached an agreement with creditors. Also, the company will acquire additional vessels from Scorpio Offshore and will get an equity line of credit. These are all very major developments for the company, so let's get straight to the news.
Credit facility
Lenders under the existing $150 million credit facility (as per the latest report, $132.5 million were classified as short-term debt) agreed to commit to a new $132.9 million term loan facility with maturity of December 6, 2023. Also, they have