Hong Kong: Pacific Basin has finalised the terms of 12-year post-delivery export credit agency (ECA) financing for two handymax vessels in Japan which are due to deliver at the end of the year.
The $50.9m facility was arranged with Japan Bank for International Cooperation, with Citibank Japan participating as co-financing lender. Citi’s portion will be secured by insurance from Nippon Export and Investment Insurance.
The loan facility is in addition to the $85m 12-year Japanese ECA facility announced in April. “We are continuing to work actively to secure additional ECA and commercial bank financing with long tenors and associated favourable repayment profiles that we consider beneficial to our shareholders,” said Pacific Basin CFO Andrew Broomhead. [16/08/13]
