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Thursday, December 8, 2016

Arlington Tankers Enters Loan Agreement

December 13, 2005

Arlington Tankers Ltd. (announced that it has entered into a $229.5 million loan agreement with The Royal Bank of Scotland plc. The loan agreement provides for a five-year term loan facility. Arlington intends to use the proceeds of the facility to refinance the Company's existing $135 million debt facility with a group of banks for which Fortis Bank (Nederland) N.V. is acting as agent, as well as to fund the purchase price and transaction costs for the Company's previously announced acquisition of two Product tankers from the Stena Group. Arlington expects to complete the refinancing of its existing debt in December 2005 and to complete the vessel acquisitions in January 2006. The term loan facility will mature on the fifth anniversary of the final drawdown. In connection with the Loan Agreement, Arlington has entered into an interest rate swap agreement with the Royal Bank of Scotland. As a result of this swap, together with the benefits that Arlington expects to receive from the termination of its existing swap with Fortis Bank, Arlington expects that the interest rate under the new Loan Agreement will be effectively fixed at approximately 5.38%.


 
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