Deep Sea Supply refinances loan facility - newbuild programme now fully financedCompany News // November 10, 2011
Deep Sea Supply Plc has signed a US$260 million loan agreement to refinance the company's current senior loan facility.
The company said the new loan agreement was oversubscribed was achieved "at competitive terms with a syndicate consisting of five major international shipping banks."
The margin for the new facility is 2.50 per cent with a term of five years. The new facility includes 15 of the Company's 22 vessels (including one newbuilding).
The main purpose of the refinancing is to facilitate further growth of the company, by way of improved flexibility and changed set of financial covenants.
Earlier this year, the company secured local financing in Brazil for a PSV newbuilding that will be delivered in the first quarter of 2012. The agent for this facility is BNDES.
Deep Sea Supply said its newbuilding programme is now fully financed.