Pacific Basin closes US$325 million credit facility

Pacific Basin Shipping today closed a US$325 million seven-year reducing revolving credit facility secured over 50 of Pacific Basin’s owned ships.

The new facility is supported by a syndicate of eight leading international banks, refinances several of Pacific Basin’s existing credit facilities and raises fresh capital on previously un-mortgaged vessels.

Borrowings under the facility will carry a very competitive interest cost of Libor plus 1.5 per cent, significantly extend the Pacific Basin’s overall amortisation profile and enhance its financial flexibility.

The average age of the 50 ships is 11 years and the facility will effectively extend their repayment profile by an additional 11 years to an average age of 22 years.