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.