AMSC Closes USD 450 Million Loan

American Shipping Company (AMSC) said that it has closed its previously signed agreement for USD 450 million refinancing of its secured vessel debt.

The refinancing is structured in two separate facilities; one being a USD 300 million facility secured by eight vessels with a syndicate of three banks consisting of BNP Paribas, SEB and Credit Agricole and the other a USD 150 million facility secured by two vessels with CIT Maritime Finance.

As World Maritime News reported, the loan agreement was signed on October 28th, when the company said it had sealed a USD 500 million refinancing of its secured bank debt.

AMSC said that the refinancing provides further support their strong dividend capacity.

The company expects dividends to increase approximately 15% year on year from 2015 to 2016.

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