Hong Kong: Hong Kong-listed Sinotrans Shipping has announced that it has inked a $37.7m loan deal with Bank of America (BOA). The loan will be offered to Agate Shipping, Crystal Shipping, Nappa Shipping and Napaleon Shipping to finance four VLCCs controlled by Nanjing Tanker.
Sinotrans Shipping has paid $33.22m to BOA and will receive interest of Libor plus 0.47% for part of the loan and Libor plus 0.7% for the rest, payable by the bank.
Sinotrans said the deal will utilize the company’s cash and bank balance at a better return. [06/11/14]