Floatel International secures new loan agreementCompany News // July 2, 2014
Floatel International Ltd has completed a US$650 million term loan maturing June 2020. The net proceeds from the loan were used to refinance existing project finance loans for Floatel Superior, Floatel Reliance and Floatel Victory as well as for defeasance of a US$200 million bond.
Floatel has concurrently completed a US$100 million revolving credit facility and a US$270 million delivery financing for Floatel Endurance with US$250 million accordion for Floatel Triumph from a club of commercial banks maturing December 2019.
“We are pleased to have secured a long-term attractive and flexible fleet financing of our existing fleet and the two new vessels under our new building programme with expected deliveries during 2015," said Tomas Hjelmstierna, CFO of Floatel International.