Interest bearing debt (Tables)

9 Months Ended

Sep. 30, 2021

Scheduled Debt Repayments and Margin Above Libor

Scheduled debt repayments (USD thousands) and margin above Libor

$ in thousands	Margin above Libor			Q4 2021	2022	2023	Thereafter		Total
ABN Amro Credit Facility *		2.40	%	-	-	30,811		199,256		230,067
Credit Agricole Credit Facility		2.19	%	676	2,703	32,433		-		35,812
Danish Ship Finance Credit Facility		2.00	%	1,213	2,427	2,427		29,120		35,187
Nordea Credit Facility **		1.90	%	1,250	5,000	26,591		199,709		232,550
Total				3,139	10,129	92,262		428,085		533,616
Unamortized upfront fees bank loans										(8,817	)
Total interest bearing debt										524,799

* $100.0 mill. undrawn as of September 30, 2021.

**$80.5 mill. undrawn as of September 30, 2021.

Derivatives Interest Rate Swaps

$ in thousands	Expires	Notional amount Q3 2021		Current liability Q3 2021		Non-current liability Q3 2021		Fair value Q3 2021
Swap pays 2.987%, receive floating	Apr. 20, 2023		40,200		1,057		585		1,642
Swap pays 3.012%, receive floating	Apr. 20, 2023		40,200		1,067		590		1,657
Swap pays 3.019%, receive floating	Sep. 29, 2023		28,818		709		707		1,416
Swap pays 3.019%, receive floating	Sep. 29, 2023		27,904		685		683		1,368
Swap pays 2.8665%, receive floating	Sep. 29, 2023		44,333		1,056		1,053		2,109
Swap pays 2.8785%, receive floating	Jun. 30, 2023		38,748		945		707		1,652
Swap pays 2.885%, receive floating	Sep. 29, 2023		43,690		1,052		1,049		2,101
Swap pays 2.897%, receive floating	Sep. 30, 2023		38,926		933		933		1,866
Swap pays 3.020%, receive floating	Sep. 29, 2023		37,241		935		933		1,868
Total carrying amount			340,059		8,439		7,240		15,680

Financial Covenant Compliance

The Company’s financial covenants are summarized as follows as of September 30, 2021:

	ABN Amro Credit Facility	Credit Agricole Credit Facility	Danish Ship Finance Credit Facility	Nordea Credit Facility
Security	12 VLCCs	1 VLCC	1 VLCC	12 VLCCs
Charter free market value of vessels that secure facility must be no less than	135% of borrowings	135% of borrowings	135% of borrowings	135% of borrowings
Value adjusted* tangible net worth	$300 million and 25% of value adjusted total assets	$200 million and 25% of value adjusted total assets	$300 million and 25% of value adjusted total assets	$300 million and 25% of value adjusted total assets
Unencumbered cash of at least	Higher of $30 million or 6% of gross interest bearing debt	Higher of $20 million or 6% of gross interest bearing debt	Higher of $30 million or 6% of gross interest bearing debt	Higher of $30 million or 6% of gross interest bearing debt
Guarantor	DHT Holdings, Inc.	DHT Holdings, Inc.	DHT Holdings, Inc.	DHT Holdings, Inc.

*Value adjusted is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by a broker approved by the financial institution)