Irish Continental Group Gets Loan for New Ferry

Dublin-based maritime transportation group Irish Continental Group (ICG) has secured a loan to finance the construction of the second new vessel for ICG’s Irish Ferries operations.

As informed, ICG has concluded an additional financing facility with the European Investment Bank (EIB).

Scheduled for delivery in 2020, the ship would be the largest cruise ferry in the world in terms of vehicle capacity, according to ICG. The newbuild is expected to provide the group with an effective 50% increase in peak freight capacity.

This additional facility comprises a committed EUR 80 million drawing limit and is available for drawing during July 2018. Repayments are on an amortizing basis over a 12-year term.

The above facility is in addition to the suite of financing agreements announced in December 2017, the company explained.

“This additional facility provided by EIB supports the groups long term infrastructural investment in our fleet which will enhance “the bridge” from Ireland to the UK & Continental Europe,” ICG said.

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