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Rickmers Maritime beats the credit crunch

Rickmers Maritime beats the credit crunch

Singapore: Rickmers Trust Management Pte. Ltd. (RTM), trustee manager of Rickmers Maritime, announces that it has secured new credit facilities  amounting to US$627.5 million with leading international banks, despite the deteriorating credit environment.     

Rickmers Maritime says it will benefit from attractive interest rates, which range from 0.95% to 1.20% above US$ LIBOR per annum. A significant portion of the credit facilities will be  hedged thereby fixing its future cost of debt financing. In the current low interest rate environment, the overall cost of these credit facilities will be lower than that which was  secured for the existing facility, it adds.      

The three new credit facilities, amounting to US$497.5 million, have been secured with: a grouping of BNP Paribas as lead bank together with Fortis, HSBC, ING and Scotia Bank; Nordea; and Commerzbank.

In addition, Rickmers Maritime has arranged for a US$130.0 million top-up facility on its  existing IPO credit facility, with HSH Nordbank, DBS and Citibank.  [09/04/08]