Korea Trade Export Insurance Corporation News

United Arab Shipping Company (UASC) closed a $1.3 biillion (USD) multi-tranche syndicated loan facility for the partial financing of seven 14,000 TEU container ships and five 18,000 TEU container ships. The facility is part of a larger $1.7 billion debt financing related to UASC’s announced $2.3 billion capital expenditure program for 17 newbuilding container vessels including, in total, 11 14,000 TEU and six 18,000 TEU vessels. Deutsche Bank AG, London Branch (DB) acted as Global Coordinator to UASC for the entire $1.7 billion debt financing. The 17 vessels include 10 vessels for which shipbuilding contracts were signed in August 2013 with the remaining seven vessels being option vessels. The process of option vessels is still continuing.