Aker Philadelphia Shipyard Finalizes $60M Loan
Aker Philadelphia Shipyard ASA informed that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI for a secured term loan of up to USD 60 million.
The loan has a five-year term and a fixed interest rate of 2.75% through maturity. The loan is secured by a lien on the company's interests in Hulls 021-024, which are the four product tankers to be included in the AKPS-Crowley joint venture. The company made its first draw under the facility on the closing date.
The loan is made through the Welcome Fund (EB-5) loan program, a source of low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors.
As previously announced in March 2014, APSI executed definitive documentation with Caterpillar Financial Services Corporation for a USD 120 million construction loan facility for the four product tankers.
In addition, as previously announced earlier this month, the AKPS-Crowley joint venture received a firm and fully underwritten commitment from a group of banks and other financial institutions for a USD 325 million senior secured term loan facility for post-delivery financing of the four product tankers.