FSL Trust secures $479.6m term loan
First Ship Lease Trust (FSL Trust) a six-year amortising term loan of $479.6m from eight lenders against its current portfolio of 25 vessels, Seatrade Asia online reports. The new term loan facility will be used to refinance its existing revolving credit facility with an outstanding loan balance of $483.1m. The remaining loan balance of $3.5m will be repaid in cash from FSL Trust's internal funds.
“Our focus is now to build on the strong foundation of the business and assess all available opportunities to maximise returns for our unitholders,” said Philip Clausius, president and ceo of FSL Trust.
The new term loan facility will require FSL Trust to make quarterly loan repayments of $11m. The drawdown of the loan is targeted before the end of this financial year.
“Our focus is now to build on the strong foundation of the business and assess all available opportunities to maximise returns for our unitholders,” said Philip Clausius, president and ceo of FSL Trust.
The new term loan facility will require FSL Trust to make quarterly loan repayments of $11m. The drawdown of the loan is targeted before the end of this financial year.