Concordia Maritime signs agreements for the refinancing of the P-MAX ships

By Finance

The existing finance facility for the ten P-MAX ships will expire in June 2017. Concordia Maritime 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 existing facility.

Concordia Maritime signs agreements for the refinancing of the P-MAX ships

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.

CFO Ola Helgesson says: “We are happy to have finalized the refinancing of the P-Max ships at very competitive terms with relationship banks. This refinancing for the P-MAX ships in combination with the sale lease back deals for Stena Image and Stena Supreme give the company a solid financial platform to develop its business from.”

Source: Concordia Maritime