• 2015 July 4 10:13

  Otto Marine secures USD26 million loan

  

  Surf Subsea Inc., a Delaware corporation in which the Company indirectly has a 19.2% stake through its wholly - owned subsidiary, Surf Subsea Pte. Ltd. , has entered into a US$26,000,000 term loan agreement with a USA investment company, Otto Marine said in its press release.

  The US$26,000,000 term loan facility is to be utilised for the purposes of refinancing of the United States vessel “Surf Challenger” and for general working capital by the borrower and other purposes set forth in the Loan Agreement. The term loan facility is secured by, amongst other things, a first priority preferred ship’s mortgage on the United States vessel “Surf Challenger” by the Borrower in favour of the Lender; and Corporate Guarantee.

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