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 Kirby’s existing $850 million revolving credit facility to March 27, 2024 (the “Maturity Date”);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 (“LIBOR”), or a base rate calculated with reference to the agent bank’s prime rate, and varies with Kirby’s credit rating; andAllows for borrowings to be used for general corporate purposes including acquisitions. JPMorgan Chase Bank, N.A.
DP World Parent Completes $1.2 bln Loan
Port and Free Zone World (PFZW), the holding company for Dubai-based ports operator DP World, has closed a $1.2 billion loan deal, banking sources aware of the matter said on Wednesday. The funds have a lifespan of five years, and will be used to help the company meet commitments at the group and subsidiary levels, two separate sources said. PFZW is part of Dubai World, which is currently close to securing a renegotiation of terms on $14.6 billion of debt that was originally restructured in 2011. A spokesman for PFZW declined to comment when contacted by Reuters. Citigroup, Emirates NBD and HSBC arranged the deal and were joined by a group of seven other banks, two Dubai-based sources said.
A Commercial Marine Lender and Lessor’s Lexicon
We are often “not aware of what we do not know.” Nowhere is that adage more appropriate than in the world of marine finance, especially for the smaller workboat operator. Lost amidst the sometimes confusing language and ‘mumbo-jumbo’ that lenders and lessors use in describing their sometimes arcane products, it is a fact that, often, ‘the devil is in the details.’ Therefore, it never hurts to review what we think we might already know. With the so-called subchapter M towboat rules still lurking perhaps just around the corner…
Vinashin Misses Payment, Plans Review
According to a Bloomberg report, Vietnam Shipbuilding Industry Group (Vinashin), plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a bank loan. Vinashin reportedly received a $600m loan in 2007 from banks led by Credit Suisse Group AG that paid higher interest than the London interbank offered rate, according to Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company reportedly missed a Dec. 20 deadline to make a $60m payment. (Bloomberg)
Hornbeck Offshore Closes New Revolving Credit Facility
Hornbeck Offshore Services, Inc. has closed on a new five- year senior secured revolving credit facility that increased the amount of the borrowing base, extended the maturity, lowered the interest rate and improved the financial flexibility of the covenant package of the Company's prior revolving credit facility, commensurate with its enhanced credit standing. The new revolving credit facility has increased the Company's borrowing base from $60 million to $100 million, with an accordion feature that allows for the potential expansion of the facility up to $250 million in total. The new facility has also extended the maturity of the prior facility from February 2009 to September 2011.
