The excisting finance facility for the ten P-MAX ships will expire in June 2017. Concordia Maritime AB has now signed two separate and new agreements to refinance the ships. The total refinancing amount is MUSD 189, after financing costs the net amount is in line with outstanding debt from the excisting facility, the company said in its press release.
The first finance facility is done with a bank group consisting of Svenska Handelsbanken, BNP Paribas, DNB, Nordea, SEB and Swedbank. The facility is refinancing eight of the P-MAX ships and has a final maturity of five years, has a competitively priced margin and can be used to finance up to 67,5% of the ships fair market value. The facility has been co-ordinated by Handelsbanken Capital Markets.
The second agreement is done with Svenska Skeppshypotek. The facility is refinancing two of the P-MAX ships and has a final maturity of five year, has a competitively prices margin and can be used to finance up to 70% of the ships fair market value.