Seoul: Hanjin Shipping Co, Hyundai Merchant Marine Co and SK Shipping Co have agreed to borrow a combined US$482 million to refinance liquefied natural gas vessels, Bloomberg reports. The South Korean companies signed 10-year loans of about US$160 million each after Korea Gas Corp provided a letter of undertaking to contract the ships' cargo.
BNP Paribas SA, Bank of Tokyo-Mitsubishi UFJ Ltd and Calyon are among 10 commercial banks providing US$385 million through a so-called club loan paying interest of about 3.6 percentage points more than the six-month London interbank offered rate, the people said. Financial adviser Korea Development Bank is underwriting the balance. [29/07/09]
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