Nordic American Tanker (NAT) announced it has agreed to extend and refinance its current credit facility to end 2020. The new non-amortizing facility is increased from $430 million to $500 million, based on improved terms.

The banking group consists of DNB Bank, Nordea and Skandinaviska Enskilda Banken.

NAT has a very strong balance sheet compared with other stock listed tankers companies. The high equity gives NAT a continued solid financial footing and flexibility which will strengthen the company for further growth.

NAT engages in acquiring and chartering double-hull tankers. As of December 31, 2014, it owned 24 Suezmax crude oil tankers, including two new buildings under construction. The company was founded in 1995 and is based in Hamilton, Bermuda.