Port Finance International Events - covering global port developments

Search site

RSS
Error
  • JUser: :_load: Unable to load user with ID: 43
Tuesday, 26 June 2018

Pacific Basin Closes USD 325 Mn Financing Deal

Hong Kong-based dry bulk shipping company Pacific Basin has closed a USD 325 million 7-year reducing revolving credit facility secured over 50 of the company's owned ships.

The company informed that the new facility is supported by a syndicate of eight leading international banks, refinances several of Pacific Basin's existing credit facilities and raises fresh capital on previously un-mortgaged vessels.

Borrowings under the facility will carry a very competitive interest cost of Libor plus 1.5%, significantly extend the company's overall amortisation profile and enhance its financial flexibility.

Pacific Basin said that the average age of these 50 ships is 11 years and the facility will effectively extend their repayment profile by an additional 11 years to an average age of 22 years.

"The facility further increases our funding flexibility with access to long-term committed funding on a revolving basis for the next seven years at an attractive cost which further reduces our already very competitive vessel P&L breakeven levels," Peter Schulz, CFO of Pacific Basin, said.

Schultz added that the facility was 40% oversubscribed "reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation."

June 25, 2018 by World Maritime News

ABOUT US

Port Finance International provides online news and conferences worldwide. It is a platform and a community for senior industry experts and players to review and discuss the market. Our online news team provides daily coverage of international port finance, investment and operations news. A weekly e-newsletter- sent to readers free of charge - covers the key news and views of the week.

Port Finance International's conferences and training programmes are held across the globe. These events feature key industry figures and they address market challenges and trends as well as providing industry players with essential networking opportunities.

Follow us

Newsletter

Sign up for our free newsletter