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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

Baltic Dry Bulk Index Dips on Weak Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments.

OMB - Subchapter M Cleared for Publication

The Office of Management and Budget (OMB) completed its review of the draft final rule entitled Inspection of Towing Vessels, also known as "Subchapter M." The

Coast Guard

Sipu Muin Modernization Work to Begin in May

Canadian Coast Guard plans upgrades for Air Cushion Vehicle   A scheduled modernization of the Canadian Coast Guard CCGS Sipu Muin will see the Air Cushion Vehicle

US Coast Guard to Unveil Historic Lifeboat

A ceremony unveiling a historic lifeboat as a new static display in Chatham, Mass. is scheduled for 11 a.m. Friday at U.S. Coast Guard Station Chatham.   The

Oil Spill in Schuylkill River

The U.S. Coast Guard and partner agencies are responding Tuesday to an oil sheen in the Schuylkill River.   The Coast Guard received a report of a sheen on the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar 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: 0.0627 sec (16 req/sec)