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d’Amico secures $250m loan facility

d’Amico secures $250m loan facility
d’Amico Tankers, a subsidiary of growth-hungry d’Amico International Shipping (DIS) based in Ireland, has secured a $250m loan facility to finance six newbuildings.

The loan will also refinance seven existing vessels built between 2004 and 2006, extending their current debt maturity from 2017 to 2021.

The deal was agreed with a pool of nine banks including Credit Agricole Corporate and Investment Bank, Nordea Bank, ING Bank, Banca IMI, Commonwealth Bank of Australia, Skandinaviska Enskilda Banken (SEB), The Governor and Company of the Bank of Ireland, Credit Industriel et Commercial and DnB, at what a DIS statement described as “a very competitive interest rate”.

Marco Fiori, ceo of d’Amico International Shipping, said: “We are very pleased to have secured this new multi-tranche $250m facility with a Pool of leading financial institutions at very attractive terms.

“This deal, which was oversubscribed, clearly reflects DIS’ strong banking relationships and solid financial profile. The second tranche will complete the financing of our newbuilding plan and all remaining Capex.”

The news follows a positive year for DIS in 2015, with $54.5m profit, its best since 2009, and predictions of a strong market for “years to come”.