Kirby Amends, Restates Credit Agreement
Kirby Corporation has announced that it has entered into an amended and restated credit agreement with a group of banks.The Credit Agreement, among other things:Extends the term of Kirbyâs existing $850 million revolving credit facility to March 27, 2024 (the âMaturity Dateâ);Adds a new five-year term loan facility in the amount of $500 million which is repayable in quarterly installments commencing June 30, 2020 in increasing percentages of the original principal amount of the loan;Has a variable interest rate based on the London interbank offered rate (âLIBORâ), or a base rate calculated with reference to the agent bankâs prime rate, and varies with Kirbyâs credit rating; andAllows for borrowings to be used for general corporate purposes including acquisitions. JPMorgan Chase Bank, N.A.
Marine Finance for Brown Water Operators
A primer for navigating the âups and downsâ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and âbrown waterâ assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets â both known for their ups and downs. Marine finance can take many forms. In the broadest sense, funding can be done through loans, where the vessel is owned by the borrowerâŠ
Petrobas Signs for US$1.5-Billion Japanese Bank LOC
The lines of credit are for Petrobras to purchase equipment & services from Japanese companies in Brazil & abroad, based on an earlier MOU that established a strategic partnership between JBIC and Petrobras. Petrobras has signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and 40% by private Japanese financial institutions, which are insured by Nippon Export and Investment Insurance (NEXI). Petrobras say that they have built up a close cooperative relationshiop over many years with the Japan Bank for International Cooperation, with a number of joint operations already implemented.
