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Investors Services News

15 Oct 2008

Financing Structure for Canal Expansion Program

Panamanian President Martín Torrijos announced the final financing structure for the historic Panama Canal Expansion Program. Five major multilateral agencies from Europe, Asia and offered to finance the Canal expansion project. The Panama Canal Authority, after months of extensive negotiations, has accepted the banks’ offers. The $2.3 billion financing package will cover a portion of the $5.25 billion total cost of the project. Financing agencies are the European Investment Bank (EIB)…

09 Oct 2001

CENTRE GROUP, TUFTON OCEANIC STRUCTURE HIGH-YIELD CDO

Shipping Bond Fund Ltd. A member of the Centre Group and TuftonOceanic have completed what is believed to be the first collateralized debt obligation (CDO) comprised entirely of high-yield shipping bonds. The $50 million CDO, Shipping Bond Fund Ltd., is unique due to its size and the fact that it selected assets solely from a select group of shipping industry bonds with high asset coverage ratios. Centre looks for opportunities to work with experienced partners to structure and provide capacity to CDOs and other asset-backed structured finance transactions through the application of non-traditional insurance and reinsurance products.

14 Jan 2002

Moody’s Downgrades Millenium Seacarrier

Moody's Investors Services downgraded Millenium Seacarriers, Inc.'s $100 million 12% First Priority Ship Mortgage Notes due 2005 to Ca from Caa2. The senior implied rating was similarly lowered to Ca from Caa2 and the issuer rating was lowered to C from Caa3. The rating outlook remains negative. The rating downgrade reflects the company's track record of continued losses, weak cash flow and the current decreased market value of the fleet securing the Notes. Market conditions and charter rates for the drybulk shipping sector have deteriorated over the last several quarters, and are not expected to improve near term. A net loss of…