Navig8 Product Tankers Inc. (the “Company”) (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, Tuesday announced that it has entered into a $66.0 million senior secured credit facility agreement with ABN AMRO Bank N.V., Singapore Branch (the “Credit Facility”) to provide post-delivery financing for two of the Company’s 74,000 DWT LR1 product tankers under construction at SPP Shipbuilding Co., Ltd.
The Credit Facility has two separate tranches – a $13.2 million commercial tranche (the “Commercial Tranche”) and a $52.8 million tranche insured by Korea Trade Insurance Corporation (the “K-Sure Tranche”).
Each drawdown from the Credit Facility shall be comprised of 20% from the Commercial Tranche and 80% from the K-Sure Tranche. The Credit Facility provides financing of approximately 65% of the contract price of these four vessels.
Source: Navig8 Product Tankers