MPC Container Refinances Term Loans with $70M Revolving Credit Facility

Source: www.gulfoilandgas.com 7/29/2021, Location: Europe

MPC Container Ships ASA (the "Company", together with its subsidiaries the "Group") is pleased to announce that it has entered into a USD 70 million three-year revolving credit facility agreement with CIT Group at attractive terms. An initial drawdown of USD 40 million has been used to refinance existing debt. As a consequence, the previous term loans with Beal Bank and CIT have been repaid in full. Further drawdowns under the facility will strengthen the free liquidity and may be used for vessel upgrades, investments or general corporate purposes. CEO Constantin Baack comments in relation to the announcement: "Having secured significant charter backlog, we are pleased to add a flexible instrument to our capital structure, whilst adhering to our strategy of moderate leverage. 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. We appreciate the excellent cooperation and support by CIT's Maritime Finance team over the past years and its expertise and agility in arranging this financing."


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