Aker American Shipping as, concurrently with the delivery of the first Product Tanker, closed a senior secured credit facility of $770 million with Fortis as Agent, financing its long term ownership of the first 10 vessels. The facility secures permanent financing for the first 10 product tankers and provides for an advance of $80 million per vessel. The facility refinances the $350 million facility currently in place for the first five Product Tankers that provided for an advance of $70 million per vessel. AKASA has also entered into interest rate swaps, which secure the interest
rate of the new credit facility.
rate of the new credit facility.
Aker American Shipping is a Philadelphia-based maritime company whose holdings include the state-of-the-art Aker Philadelphia Shipyard on the site of the former Philadelphia Navy Yard. The company, builds, owns, and leases commercial ships operated in accordance with the U.S. Jones Act. It is listed on the Oslo Stock Exchange (ticker symbol AKASA). Aker American Shipping and Aker Philadelphia Shipyard, Inc. are members of the Norwegian-based Aker family of global companies, industry leaders in the fields of shipbuilding, fishery, and technology-based solutions for customers in oil, gas, energy, and process industries.