CP Ships Closes On $350 Million Credit Facility

CP Ships has closed on the remaining $100 million of a $350 million secured five-year revolving credit facility announced in December 2001. The facility's lead arranger, Citibank NA, has placed the $100 million with five major banks. These are in addition to the eight banks participating in the $250 million first part of the facility, which was signed on 20th December 2001. All 13 banks have extensive experience of lending to the shipping industry. The facility will be used primarily to finance CP Ships' previously announced $800 million ship investment program. CP Ships also has in place a secured $175 million revolving credit facility which became effective on 2nd August 2001.