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.
