Oslo-listed MPC Container Ships has arranged a $70m three-year revolving credit facility with CIT Group.
The boxship owner said Thursday that an initial drawdown of $40m has been used to refinance existing loans with Beal Bank and CIT. It intends to use further drawdowns under the facility to strengthen the free liquidity and for vessel upgrades, investments, or general corporate purposes.
Constantin Baack, CEO of MPC Container Ships, stated: “By securing the facility we are able to reduce our financing costs and extend the maturity. The agreed structure frees up collateral and enhances financial flexibility going forward.”
The company recently struck a deal to acquire Arne Blystad’s Songa Container for $210.25m on a debt and cash free basis. The deal adds 11 containerships to MPC’s fleet, boosting it to 75 vessels.