Concordia Maritime has signed two separate[ds_preview] and new agreements to refinance ten P-Max tankers because the existing finance facility will expire in June 2017.
The total refinancing amount is 189 mill. $, after financing costs the net amount is in line with outstanding debt from the existing facility the company stated.
Two agreements signed
The first finance facility is done with a bank group consisting of Svenska Handelsbanken, BNP Paribas, DNB, Nordea, SEB and Swedbank. The facility is refinancing eight of the P-MAX ships and has a final maturity of five years. It also has a competitively priced margin and can be used to finance up to 67,5 % of the ships fair market value. The facility has been co-ordinated by Handelsbanken Capital Markets.
The second agreement is done with Svenska Skeppshypotek. This facility is refinancing the other two P-MAX ships and has a final maturity of five year. It also has a competitively prices margin and can be used to finance up to 70 % of the ships fair market value.
»We are happy to have finalized the refinancing of the P-Max ships at very competitive terms with relationship banks.
»This refinancing for the P-Max ships in combination with the sale lease back deals for »Stena Image« and »Stena Supreme« give the company a solid financial platform to develop its business from,« says Ola Helgesson, CFO at Concordia Maritime.
