Atlantic Navigation gets lender support to restructure loans worth $46m

Atlantic Navigation Holdings (Singapore) Limited has reached agreements with its principal banker to revise the repayment and to extend the tenure of term loans and revolving credit facilities of $46m.

The support from Maybank Singapore is estimated to reduce Atlantic Navigation’s term loan principal repayment by $9m through 2019.

The repayment profile of the loan facilities has also been extended to an average of eight years from an average of four years previously, with the maturity dates for the loan facilities all extended to April 2023.

At the same time, the interest rates have been revised from 3.5% plus three-month Libor or around 4% to 4% plus one-month libor.

“The revision and extension of these facilities will provide us a stronger footing to weather the prolong downturn in the sector,” said Bill Wong, executive chairman and ceo of Atlantic Navigation, a marine logistics services provider.

“The enhanced liquidity and cash flow position of the group arising from this timely arrangement will assist in the initiation in 2017 of outstanding charters and projects totaling $223m for the three key contract awards secured by the group as announced on 13 May 2016, 14 March 2017 and 25 April 2017,” Wong said.

Posted 02 May 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

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