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Algoma Central secures refinancing

Canadian Great Lakes operator Algoma Central Corporation has completed a refinancing of its senior secured credit facilities that were due to mature during 2021.

The new credit facilities include CAD316m ($217.6m) raised in a private placement, with the proceeds of the new issue to be used to repay the maturing senior secured notes and revolving bank credit agreement, to finance the company’s capital expenditure plans, and general corporate purposes.

“Capital markets have been very attractive recently, presenting an opportunity to reduce our cost of capital and extend the maturity date for our long-term debt, while eliminating refinancing risk that might have arisen had we waited until next year to refinance,” said Peter Winkley, Algoma’s chief financial officer.

Algoma own a fleet of 36 vessels, made up of dry bulk carriers and product tankers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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