Pacific Basin Ups Funding Flexibility with USD 115 Mn Loan

Pacific BasinImage Courtesy: Pacific Basin

Hong Kong-based dry bulk shipping company Pacific Basin Shipping Limited has closed a new USD 115 million secured revolving credit facility.

The 7-year reducing facility, secured over 10 of the company’s owned ships, is supported by a syndicate of three leading international banks.

Borrowings under the facility will carry an interest cost of Libor plus 1.35%, extend the company’s overall amortisation profile and enhance its financial flexibility.

Peter Schulz, CFO of Pacific Basin, explained that the new loan “further increases our funding flexibility with access to long-term committed funding on a revolving basis for the next seven years at an attractive cost and reinforces our already very competitive vessel P&L breakeven levels.”

“The facility demonstrates Pacific Basin’s strong access to diverse sources of capital reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation which set us apart as a preferred, strong, reliable and safe partner for finance providers, customers and other stakeholders,” Schulz added.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 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
30 1 2 3 4 5 6

Defence Safety Conference 2019

The Defence Safety Conference returns to London this October as the only event solely dedicated to enhancing safety across all aspects of defence.

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >