Pacific Basin Closes New Credit Facility

Hong Kong-based dry bulk shipping company Pacific Basin Shipping Limited has closed a new USD 115 million 7-year reducing revolving credit facility secured over 10 of the Company’s owned ships.

The new facility is supported by a syndicate of three leading international banks, said a press release from the dry bulk shipping company.

Borrowings under the facility will carry an interest cost of Libor plus 1.35%, extend the Company’s overall amortisation profile and enhance its financial flexibility, it said.

Peter Schulz, CFO of Pacific Basin, said: “We are very pleased with the terms of this new facility which further increases our funding flexibility with access to long-term committed funding on a revolving basis for the next seven years at an attractive cost and reinforces our already very competitive vessel P&L breakeven levels. We appreciate the continued excellent support of these three first rate banks, which is a testament to the quality of our long-term relationship."

Peter added: "The facility demonstrates Pacific Basin’s strong access to diverse sources of capital reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation which set us apart as a preferred, strong, reliable and safe partner for finance providers, customers and other stakeholders.”