Hafnia (HAFN) said Friday it has signed a $715 million revolving credit facility, backed by a fleet of 32 modern product tankers.

The facility, finalized Thursday, has a seven-year term and a 20-year age-adjusted amortization profile, and was arranged with a syndicate of 11 international banks. The facility also includes an uncommitted $417 million accordion option available within two years.

The company also said that ING, OCBC and Standard Chartered led the deal as mandated lead arrangers, with ING serving as facility coordinator and agent.

The company said it has lowered its funding costs, reduced cash flow breakeven, and strengthened liquidity by refinancing existing debt.