FSL Inks USD 25 Mn Bridging Loan to Fund LR2 Pair

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Singapore-based FSL Trust has secured a USD 25 million bridging loan to partially finance the construction of its two 114,000 dwt LR2 product tankers.

Signed on February 7, 2019, the loan was agreed with the company’s controlling unitholder, FSL Holdings. It is a short-term loan which would to help fund the company’s newbuildings and for working capital purposes.

The parties informed that the bridging loan would be available for a period of 6 months. The borrowers made an initial draw down on the loan in the amount of USD 10 million.

The loan bears interest at LIBOR plus 4.0% per annum to be paid in 12-month intervals.

The financing is related to the shipbuilding contracts signed between FSL Trust’s subsidiaries, FSL-28 and FSL-29, and China’s shipbuilder COSCO Shipping Heavy Industry in December 2018 for the construction of Tier III tankers for USD 97.6 million.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 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 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >