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J. Lauritzen fixes financial position

J. Lauritzen has amended a new financing package from its core lenders and its owner, Lauritzen Fonden.

The terms for the new agreement include an additional capital injection from Lauritzen Fonden of $50m, bringing the committed capital injection to a total of $80m. The increased capital injection shall be applied to ensure the repayment of the line’s outstanding JLA02 bond and the related hedging debt when these fall due in October this year.

J. Lauritzen is also seeking support to the amended main terms from the financing parties in its Yen denominated NEXI-backed loan facility.

“This new financing agreement will significantly strengthen our balance sheet and reduce our financing cost. We highly appreciate the confidence that Lauritzen Fonden and our core lenders have shown us in providing a solid financial solution”, said Mads Zacho, CEO of J. Lauritzen.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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