Brief: Philly Shipyard finalizes construction funding from Cat Financial

Philly Shipyard ASA

24/05/2016 06:55

May 24 (Reuters) - Philly Shipyard ASA  PHLYS.OL : 
    * Says its US unit Philly Shipyard, Inc. (PSI) has entered into loan agreement with 
Caterpillar Financial Services Corporation for $150 million loan facility  
    * Loan facility is to finance construction of four product tankers, designated as Hulls 
025-028 
    * Says facility is subject to a maximum borrowing amount of $75 million per vessel and 
secured by a first lien on four vessels 
    * Loans under this facility will accrue interest at three-month LIBOR plus 3.00 pct as 
defined in loan agreement 
 
 
Source text for Eikon:  ID:nHUG6wtSSJ  
Further company coverage:  PHLYS.OL  
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))