Polarcus secures US$410 million bank facilityCompany News // July 22, 2011
Polarcus Limited has signed a term sheet for a bank facility of US$410 million with DnB NOR Bank ASA and DVB Bank SE, Nordic Branch, together with Garanti-instituttet for Eksportkreditt (GIEK) and Eksportfinans.
The Fleet Bank Facility is offered at attractive terms and significantly improves the company’s financial position and flexibility going forward.
The Fleet Bank Facility will be drawn down in five tranches and used to refinance existing debt related to Polarcus Alima, Polarcus Asima, and Polarcus Samur, and to finance the newbuildings Polarcus Amani and Polarcus Adira.
The two newbuildings are currently under construction at Ulstein Verft and are expected to be delivered in the first quarter and second quarter of 2012 respectively.