Arlington Tankers Enters Loan Agreement

Tuesday, 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%.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Wärtsilä Debuts Package for hydropower & industrial plant

Wärtsilä Corporation, a global leader in complete lifecycle power solutions for the marine and energy markets, expands into a new market segment, offering a comprehensive package of seals,

Smith Taken on Rolls-Royce Holdings Board

Rolls-Royce Holdings plc today announces the appointment of Sir Kevin Smith CBE as a Non-Executive Director.  Sir Kevin will join the Board with effect from

Coast Guard

USCG Search for Missing Crew of El Faro

Coast Guard search and rescue crews continue searching for possible survivors from the cargo ship El Faro Monday night, covering a total search area of more than 160,574 square nautical miles.

USCG: Missing Cargo Ship El Faro Believed to Have Sunk

The U.S. Coast Guard now believes that the missing cargo ship El Faro sank after sailing into the path of Hurricane Joaquin in the Bahamas, a spokesman said on Monday.

Man Medevacs from Boxship Off Santa Rosa Island

The Coast Guard medically evacuated a 46-year-old man from a 738-foot container ship approximately 6 miles south of Santa Rosa Island, Sunday. At 10:01 a.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0927 sec (11 req/sec)