Latvian tanker operator Latvian Shipping Company has completed a $121m refinancing with a syndicate of three banks.
The company reached an agreement at the end of 2016 with HSH Nordbank, DVB Bank, and Skandinaviska Enskilda Banken AB (Stockholm) on the refinancing a $360m loan facility maturing June 2017. The outstanding balance for the refinancing was $121m.
The new loan has repaid the previous loan and has been issued with a repayment deadline of June 30, 2022.
“We are delighted to have completed the refinancing of 14 vessels in our fleet of 16 handy and medium sized tankers. This new loan facility enables the company to plan ahead whilst managing our cash flow in a challenging market,” said Robert Kirkup, Latvian Shipping Company’s chairman of the board.