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    GC Rieber Shipping completes vessel refinancing deals

    Company News // June 29, 2015

    GC Rieber Shipping has entered into an agreement with DNB Bank ASA, DVB Bank SE and Sparebank 1 SR-Bank for the refinancing of existing loans on the vessels Polar Duke, Polar Duchess and Polar Marquis.

    DNB Bank ASA is the agent bank and the total loan is US$135 million, of which US$25 million is a revolving loan facility. The loan has a six-year term with a 10-year profile.

    GC Rieber Shipping has also entered into an agreement with Nordea Bank Norge ASA, Sparebank 1 SR-Bank and Sparebanken Vest for the refinancing of existing loans on the vessels Polar Queen and Polar King.

    Nordea Bank Norge ASA is the agent bank and the total loan is US$91.25 million, of which US$21.25 million is a revolving loan facility. The loan has a six-year term with a 12 year profile.

    As part of the refinancing, the company has terminated the credit facility of NKr 250 million with Handelsbanken.

    The new terms in the loan facilities will give GC Rieber Shipping annual savings in financial costs of approximately US$1 million.

     

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