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GC Rieber refinances $225m of loans on five ships

GC Rieber refinances $225m of loans on five ships
GC Rieber Shipping has secured a total of $225m of financing on five of its ships with a group of six lenders.

Loans on the Polar Duke, Polar Duchess and Polar Marquis have been secured with DNB Bank, DVB Bank and Sparebank 1 SR-Bank to the tune of $135m, of which $25m is a revolving facility, with a six-year term and 10-year profile.

Refinancing of $91.25m of loans on the Polar QUeen and Polar King have also been agreed with Nordea Bank Norge, Sparebank 1 SR-Bank and Sparebanken Vest.

A credit facility of NOK250m ($31m) with Handelsbanken has been ended as part of the deals, which will save GC Rieber $1m a year in financing costs.