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Interest bearing debt (Tables)

9 Months Ended

Sep. 30, 2023

Scheduled debt repayments

	Interest			Q4
$ in thousands	rate			2023	2024	2025	Thereafter		Total
Credit Agricole Credit Facility		SOFR + 2.05	%	625	2,500	2,500		30,000		35,625
Danish Ship Finance Credit Facility ¹		LIBOR + 2.00	%	1,213	2,427	26,693		-		30,333
ING Credit Facility ²		SOFR + 1.90	%	6,250	25,000	25,000		161,150		217,400
ING Credit Facility		SOFR + 1.80	%	750	3,000	3,000		38,250		45,000
Nordea Credit Facility ³		SOFR + CAS⁴+ 1.90	%	-	23,715	23,715		69,806		117,235
Total				8,838	56,641	80,908		299,206		445,594
Unamortized upfront fees bank loans										(9,014	)
Total interest bearing debt										436,579

¹Semiannual installment and will be transferred to SOFR in November 2023

²$75.1 mill. undrawn as of September 30, 2023.

³$142.5 mill. undrawn as of September 30, 2023.

⁴Credit Adjustment Spread (CAS) of 0.26%.

Financial Covenant Compliance

The Company’s financial covenants as of September 30, 2023, are summarized as follows:

	ING	Credit Agricole	Danish Ship Finance	Nordea
	Credit Facility	Credit Facility	Credit Facility	Credit Facility
Security	11 VLCCs	1 VLCC	1 VLCC	11 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	$300 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 $30 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)