Capital Product Partners Secures USD 460 Mn Loan

Athens-based shipping company Capital Product Partners has secured a new USD 460 million loan for the refinancing of a number of its credit facilities.

The company said it intends to use the net proceeds of the loans, together with available cash of USD 120.6 million, to refinance four out of five of its existing credit facilities amounting to a total of USD 580.6 million.

Capital Product Partners entered into a firm offer letter for the loan facility with HSH Nordbank and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers in late May. The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ).

The closing of the credit facility, which has a six year maturity from drawdown, is subject to finalization of the long form loan documentation.

The loan is comprised of two tranches, one amounting to the lower of USD 259 million and 57.5% of the value of 11 of the company’s vessels with an average age of 3 years. The second tranche amounts to the lower of USD 201 million and 57.5% of the value of 24 of its vessels with an average age of 10.3 years.

The company unveiled the financing as part of its financial results for the second quarter of 2017. The Partnership’s net income for the quarter ended June 30, 2017 was USD 9.8 million compared with USD 14.9 million for the second quarter of 2016.

Total revenues for the second quarter of 2017 reached USD 62.1 million corresponding to an increase of 2% compared to USD 60.9 million during the second quarter of 2016. The increase in total revenues was primarily a result of the expansion of Capital Product Partners’ fleet, partly offset by the lower charter rates earned by certain vessels compared to the second quarter of 2016.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Offshore Wind Europe 2018

The Offshore Wind Europe speaker line-up is supported by executives who are leading the charge…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Petrochemical Supply Chain & Logistics Conference & Exhibition

The Petrochemical Supply Chain & Logistics Conference & Exhibition (15 – 16th November, Houston) is positioned at the forefront of the booming Petrochemical industry in North America.

This industry leading event is regarded as the most significant meeting place for supply chain & logistics professionals, where they meet to do business.

More Info

read more >

DREDGING FOR SUSTAINABLE INFRASTRUCTURE

The two-day-long programme offers six highly interactive sessions with contributions from…

read more >