CP Ships Secures Financing

Wednesday, December 12, 2001
CP Ships is in the process of closing a secured five year revolving credit facility. Citibank N.A. has underwritten $ 250 million of the facility, which is expected to be $350 million in total. Closing of the underwritten portion of the facility is expected by the end of the year. The facility, which has been placed with banks with extensive experience of lending to the shipping industry, will be used primarily to finance CP Ships' previously announced $800 million ship investment program.

The investment program, which continues as planned with deliveries of 10 new ships expected from mid-2002 to mid-2003, will replace chartered ships with more economic ships specifically designed to match the requirements of CP Ships' regional trades. CP Ships also has in place a secured $175 million revolving credit facility, which became effective on August 2, 2001. The new facility replaces a planned $255 million private placement announced on September 21 by CP Ships' former parent, Canadian Pacific Limited.

Maritime Today

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

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

Marine Propulsion

Azipod Retrofit for Mega-crane Vessel

Retrofitted vessel will feature five Azipod propulsion units, including for the first time two retractable thrusters    Power and automation technology group

DNV GL Approval for DSIC's LNG-fuelled VLCC Design

DNV GL has presented Dalian Shipbuilding Industry Company Limited (DSIC) with an Approval in Principle (AiP) certificate for a new LNG-fuelled very large crude

Volvo Penta IPS for New Tampa Bay Pilot Boat

The new Chesapeake-class MKII launch delivered this month by Gladding-Hearn Shipbuilding to the Tampa Bay Pilots Association features integrated engine and drive from Volvo Penta.


France-Corsica Ferry Operator SNCM's Takeover Gets EU Clearance

The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday.

Norway's Offshore Shipping Sector Faces Bleak Year

Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options

MacArtney, Moog Focal in Expansion Mode

Moog Focal Technologies Corporation and the MacArtney Group have agreed to intensify their multi-service partnership aiming at expanding their long-term business

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction
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: 0.0648 sec (15 req/sec)