The facility is an extension of Pacific Basin’s existing term loan with Danish Ship Finance and is secured by the same 19 vessels currently secured under the original financing.
“We are very pleased with the terms of this additional new tranche to our existing term loan facility which further consolidates our funding flexibility with access to long term committed funding for the next seven years at an attractive cost which contributes to our competitive vessel P&L breakeven levels,” said Peter Schulz, cfo of Pacific Basin.
Borrowings under the new facility will carry interest cost of Libor plus 1.5%, extend the company’s overall amortisation profile and enhance its financial flexibility, Pacific Basin stated.
Read more: Pacific Basin closes new $325m financing deal
In June, Pacific Basin announced it closed a $325m facility supported by a syndicate of eight international banks secured over 50 vessels.
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