Latvian Shipping company extends loan facility

Latvian Shipping company extends loan facility

Latvian tanker operator Latvian Shipping Company has reached agreement with the syndicate of three banks to refinance the outstanding balance of an existing $360m loan facility.

The facility originally had a maturity in June 2017, however under the terms of the new agreement LSC will be able to pay the outstanding $121m by June 2022.

Robert Kirkup, chairman of LSC, commented: “We are delighted to be able to sign the firm term sheet with the banks today. The new refinancing agreement will, once completed, guarantee a safe and steady cash flow of the LSC group and, at the same time, will allow the company to develop its global business.”

The agreement is still subject to the negotiation of remaining terms and conditions.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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