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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

Viking Orders 2 Liebherr Cranes

An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices

Coast Guard

5 Tunisian Migrants Die in Shipwreck

At least five Tunisian migrants died on Saturday when their boat sailing to Italy capsized off the Tunisian coast, officials said. "A migrant boat carrying

USCG Assists Sinking Vessel East of Nantucket

The Coast Guard is responding to a fishing boat taking on water 130 miles east of Nantucket, Massachusetts, Saturday. At about 12:45 a.m., the fishing vessel

Alaska, Washington to build Arctic Icebreakers

Senator Lisa Murkowski, Alaska, and Senator Maria Cantwell, Washington, have introduced a bill that would authorize the Navy to build up six icebreakers for use by the U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Sonar
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: 0.1190 sec (8 req/sec)