secwatch.observer — SEC 8-K summary
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Issuer:     International Seaways, Inc. (INSW)
CIK:        0001679049
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001104659-24-055092
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

International Seaways refinances credit facility: new $500M RCF maturing 2030
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- Replaced $750M credit facility with new $500M revolving credit facility maturing Jan 31, 2030.
- At closing, $94.6M was drawn, leaving $405.4M undrawn revolver capacity.
- Interest rate is term SOFR + 185 bps, with sustainability-linked adjustments up to ±5 bps.
- Covenants include minimum liquidity of $50M or 5% of total debt, max leverage 0.60:1, and collateral value ≥135% of drawn amount.
- Facility secured by certain vessels and their earnings; quarterly reductions based on 20-year age-adjusted vessel profile.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1679049/000110465924055092/0001104659-24-055092-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1679049/000110465924055092/tm249131071_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-055092

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