Brief: Philly Shipyard secures commitment for $150 mln construction loan facility

Philly Shipyard ASA

30/12/2015 07:00

Dec 30 (Reuters) - Philly Shipyard ASA (formerly known as Aker Philadelphia Shipyard ASA) 
 PHLYS.OL : 
    * Philly Shipyard, Inc, subsidiary of Philly Shipyard ASA announced that it has signed a 
commitment letter with Caterpillar Financial Services Corporation (Cat Financial) for a $150 
million loan facility to finance the construction of four next generation 50,000 dwt product 
tankers, designated as Hulls 025-028 
    * The facility will be subject to a maximum borrowing amount of $75 million per vessel and 
secured by a first lien on the four vessels 
    * The loans will accrue interest at three-month LIBOR plus 3.00 pct as defined in the 
commitment letter 
    * The company expects to enter into definitive agreements for this facility in Q1 2016 
    * This facility will be a continuation of the extensive cooperation between Philly Shipyard 
and Cat Financial that will include a total of 26 vessels, including both product tankers and 
containerships, and span a period of 15 years when Hull 028 is delivered 
 
Source text for Eikon:  ID:nHUG3nV8Cw  
Further company coverage:  PHLYS.OL  
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48586983920;))