Hong Kong bulker owner Pacific Basin has completed a new $115m seven-year reducing revolving credit facility secured over ten of the company’s owned ships.
The new facility is supported by a syndicate of three leading international banks.
“We are very pleased with the terms of this new facility which further increases our funding flexibility with access to long-term committed funding on a revolving basis for the next seven years at an attractive cost and reinforces our already very competitive vessel P&L breakeven levels. We appreciate the continued excellent support of these three first rate banks, which is a testament to the quality of our long-term relationship,” said Peter Schulz, CFO of Pacific Basin.
“The facility demonstrates Pacific Basin’s strong access to diverse sources of capital reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation which set us apart as a preferred, strong, reliable and safe partner for finance providers, customers and other stakeholders,” Schulz added.
Pacific Basin is one of the world’s leading handysize and supramax dry bulk vessels, operating a fleet of over 200 dry bulk ships of which 112 are owned.