Christopher Robertson

Omar Nokta

Sherif Elmaghrabi

Liam Burke

Benjamin Nolan

Frank Galanti

- On September 23, 2025, International Seaways, Inc. issued **$250 million** aggregate principal amount of **7.125% senior unsecured bonds due 2030** at an issue price of 100%.  **[1679049_0001104659-25-093913_tm2527086d1_8k.htm:1]** 
- The bonds will mature on **September 23, 2030**, with interest paid semi-annually starting March 23, 2026, and an application will be made to list them on the Oslo Stock Exchange.  **[1679049_0001104659-25-093913_tm2527086d1_8k.htm:1]** 
- The net proceeds from the bond issuance will be used to finance the repurchase of **six VLCCs** and for general corporate purposes.  **[1679049_0001104659-25-093913_tm2527086d1_8k.htm:1]** 
- The 2030 Bonds include financial covenants, such as maintaining a minimum free liquidity level and ensuring a net indebtedness to consolidated total capitalization ratio of less than **0.65 to 1.00**.  **[1679049_0001104659-25-093913_tm2527086d1_8k.htm:1]**

International Seaways, Inc. Issues $250 Million in Senior Unsecured Bonds

- International Seaways, Inc. entered into an **ECA Credit Facility** on **August 20, 2025**, totaling up to **$331.6 million** to partly finance **six LR1 tanker newbuildings**.  **[1679049_0001104659-25-083086_tm2524342d1_8k.htm:1]** 
- The facility comprises a **12-year term loan of up to $239.7 million** and a **revolving credit facility of up to $91.9 million**, with an effective **20-year amortization profile**.  **[1679049_0001104659-25-083086_tm2524342d1_8k.htm:1]** 
- Interest on the facilities will be based on Term SOFR plus a Margin of **1.10% per annum** for K-SURE covered tranches and **1.45% per annum** for the commercial tranche.  **[1679049_0001104659-25-083086_tm2524342d1_8k.htm:1]** 
- Financial covenants include maintaining a minimum liquidity of the greater of **$50 million** and 5% of Consolidated Indebtedness, and ensuring the Maximum Leverage Ratio does not exceed **0.65 to 1.00**.  **[1679049_0001104659-25-083086_tm2524342d1_8k.htm:1]** 
- No amounts have been drawn on the facilities as of **August 20, 2025**, with the first newbuilding delivery expected later in **Q3 2025**.  **[1679049_0001104659-25-083086_tm2524342d1_8k.htm:1]**

International Seaways (INSW)