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Caterpillar Financial Services Corporation News

30 Dec 2015

Cat Financial $ 150 Mln Loan for Philly Shipyard

Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA, announced today that it has signed a commitment letter with Caterpillar Financial Services Corporation (Cat Financial) for a USD 150 million loan facility to finance the construction of four next generation 50,000 dwt product tankers, designated as Hulls 025-028. The facility will be subject to a maximum borrowing amount of USD 75 million per vessel and secured by a first lien on the four vessels. The loans will accrue interest at three-month LIBOR plus 3.00% as defined in the commitment letter. The company expects to enter into definitive agreements for this facility in Q1 2016.

17 Mar 2015

Aker Philadelphia Shipyard Finalizes $60M Loan

Aker Philadelphia Shipyard ASA informed that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI for a secured term loan of up to USD 60 million. The loan has a five-year term and a fixed interest rate of 2.75% through maturity. The loan is secured by a lien on the company's interests in Hulls 021-024, which are the four product tankers to be included in the AKPS-Crowley joint venture. The company made its first draw under the facility on the closing date. The loan is made through the Welcome Fund (EB-5) loan program, a source of low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors.

08 Nov 2000

Olympic Engine Selection Evokes Thoughts of

When Olympic Tug & Barge was founded in 1987, owner Harley Franco had environmental responsibility on his mind. Early major oil tanker disasters southeast of Nantucket, Mass., near Galveston, Texas, and off the coasts of England and Mexico were influencing the future of the oil transportation industry. So Franco committed himself to growing his business by assembling a "fleet of the future" built around the most environmentally friendly technology he could afford. Today, parent company Harley Marine Services oversees a combined fleet of more than 40 vessels. Olympic Tug & Barge began as a vessel bunkering operation, leasing a tugboat and barge to transport the bunker barges from ship to ship.

28 Aug 2007

Aker Philly Reaches Benchmarks on Tankers

With two tanker vessels already delivered on charter and in service to Overseas Shipholding Group, Inc. (OSG), Aker Philadelphia Shipyard, Inc. (APSI) has achieved major milestones on two subsequent vessels in the build program. The third product tanker in the series, Hull 007, has been floated from its berth in the yard's Building Dock, and steel cutting has been initiated for Hull 010, the sixth vessel in the series, marking start of production on that ship. lifting Hull 007 off its keel blocks in advance of the ship's move to the nearby Outfitting Dock, where testing and commissioning of the vessel will take place. Like its two predecessors, Hull 007's construction is being financed by a loan facility with Caterpillar Financial Services Corporation(Cat Finance).