Pacific Basin Shipping Ltd has closed a US$40 million 7-year term loan facility with Danish Ship Finance A/S.
The facility is an extension of the company’s existing term loan with Danish Ship Finance A/S and is secured by the same 19 vessels currently secured under the original financing. Borrowings under the new facility will carry an interest cost of Libor plus 1.5%.
Peter Schulz, CFO of Pacific Basin, said: "We are very pleased with the terms of this additional new tranche to our existing term loan facility which further consolidates our funding flexibility with access to long-term committed funding for the next seven years at an attractive cost which contributes to our competitive vessel P&L breakeven levels. We appreciate the continued support of Danish Ship Finance A/S with whom we have enjoyed an excellent relationship since 2009.”