The facility has been arranged with Japan Bank for International Cooperation (JBIC), with The Bank of Tokyo Mitsubishi UFJ (BTMU) participating as co-financing lender.
The four vessels include three handysize bulk carriers and one handymax bulk carrier which are due for delivery by mid-2014.
“This loan represents an opportunity for us to access ECA financing with a 12-year repayment profile for the acquisition of four high-quality Japanese vessels at a time when we are committed to growing our fleet of owned ships at attractive prices,” said Andrew Broomhead, cfo of Pacific Basin.
The Hong Kong-listed company had said at the time of its convertible bond issue in September 2012 that it is regularly seeking out funding opportunities that are considered beneficial to its shareholders.
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