Container ship opertor MPC Container Ships has actually participated in a $70 million three-year rotating credit scores center arrangement with CITGroup The firm claimed the funding had appealing terms.
MPC Container Ships, signed up in Oslo, Norway, claimed it had actually currently made a preliminary drawdown of $40 million to re-finance existing financial obligation, et cetera would certainly be utilized for vessel upgrades and also various other basic objectives.
“As a consequence, the previous term loans with Beal Bank and CIT have been repaid in full. Further drawdowns under the facility will strengthen the free liquidity and may be used for vessel upgrades, investments or general corporate purposes,” MPC Container Ships claimed.
MPC Container Ships Chief Executive Officer Constantin Baack claimed: “Having secured significant charter backlog, we are pleased to add a flexible instrument to our capital structure, whilst adhering to our strategy of moderate leverage.
“By safeguarding the center we have the ability to minimize our funding prices and also prolong the maturation. The concurred framework liberates security and also boosts monetary versatility moving forward. We value the outstanding teamwork and also assistance by CIT’s Maritime Finance group over the previous years and also its know-how and also dexterity in preparing this funding.”
MPC Container Ships was created in April 2017. It possesses and also runs a profile of container ships offering intra-regional profession lanes. According to details on the firm’s site, the fleet presently contains 64 vessels offering charterers worldwide.
