CP Ships Completes Credit Facility

CP Ships today signed the first part of the US$ 350 million secured five year revolving credit facility announced on December 12. Of the $350 million, $250 million has been placed with eight major banks with extensive experience of lending to the shipping industry. The remaining $100 million is expected to be placed by Citibank NA, the lead arranger, during the first quarter 2002. 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 August 2, 2001.