A.P. Moller-Maersk Thursday said it completed a five-year $6.75 billion syndicated revolving credit facility before an existing facility matures.
The Danish parent of ocean container carrier Maersk Line said the loan, which it arranged itself with a selected group of 20 banks, will refinance a $6.5 billion loan facility with 28 banks that matures in 2012.
The company said it took advantage of current favorable conditions in the global bank loan market to address its refinancing in 2012 and has reduced its financial costs.
"We are very pleased with the terms and structure in our new facility and the process with the banks participating," said Jan Kjaervik, head of group finance and risk management at A.P. Moller-Maersk.
"Our banking group is consolidated, the maturity profile of our finance commitments extended and cost related to the facility reduced. We received strong support from our global relationship banks that have all supported the transaction," Kjaervik said.
The new credit facility will be used for general corporate purposes, the company said.
The Danish parent of ocean container carrier Maersk Line said the loan, which it arranged itself with a selected group of 20 banks, will refinance a $6.5 billion loan facility with 28 banks that matures in 2012.
The company said it took advantage of current favorable conditions in the global bank loan market to address its refinancing in 2012 and has reduced its financial costs.
"We are very pleased with the terms and structure in our new facility and the process with the banks participating," said Jan Kjaervik, head of group finance and risk management at A.P. Moller-Maersk.
"Our banking group is consolidated, the maturity profile of our finance commitments extended and cost related to the facility reduced. We received strong support from our global relationship banks that have all supported the transaction," Kjaervik said.
The new credit facility will be used for general corporate purposes, the company said.