Tuesday March 25, 08:04 AM
Hellenic Carriers secures cash for new ships
LONDON (ShareCast) - Bulk shipping carrier Hellenic Carriers has secured new loan facilities with banks of up to $310m to fund the purchase of two vessels and provide cash for future growth. The firm said it has agreed a new loan facility
with Piraeus Bank S.A. of up to $190m and has accepted an offer from the National Bank of Greece (Frankfurt: 876113 - news) for a loan facility of up to $120m.The Piraeus facility is to be drawn in two advances of $110m and $80m respectively and is to be repaid quarterly over eight years. Meanwhile, the National Bank of Greece has offered a credit line up to $70m, which together with the refinancing of the group's existing debt to the bank, will result in a loan facility up to $120m to be repaid quarterly within eight years of drawdown. "These financial arrangements constitute a competitive advantage for Hellenic at times of an acute credit crisis and manifest our credit worthiness as well as the excellent relationships we enjoy with our bankers," said chief executive Fotini Karamanlis.
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