d’Amico Tankers Lands USD 250M Loan

d’Amico Tankers Limited (Ireland), a product tanker subsidiary of d’Amico International, has secured a new USD 250 million term loan facility with a pool of nine primary financial institutions, the company said.

The lenders include: Credit Agricole Corporate and Investment Bank, Nordea Bank, ING Bank, Banca IMI, Commonwealth Bank of Australia, Skandinaviska Enskilda Banken (SEB), The Governor and Company of the Bank of Ireland, Credit Industriel et Commercial, DnB.

d’Amico Tankers pointed out that the purpose of the facility is to refinance 7 existing vessels (all built between 2004 and 2006) extending their current debt maturity from 2017 to 2021, and providing financing for 6 newbuilding vessels.

Furthermore, the company deemed the terms of the facility as “very attractive” with a final maturity of five years from the drawdown date for the existing vessels and from the delivery date for the newbuilding vessels.

With the latest deal, d’Amico Tankers Limited said that it has secured 100% of its long-term debt requirements for the USD 755 million investment plan begun in 2012 plus all other debt refinancing needs.

“This deal, which was oversubscribed, clearly reflects DIS’ strong banking relationships and solid financial profile. The first tranche of this facility will refinance 7 of our existing vessels (built between 2004 and 2006), extending their current debt maturity until 2021; whilst the second tranche will complete the financing of our newbuilding plan and all remaining Capex,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, commented.

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