Floatel to issue $650 mln term loan

Floatel International Ltd is contemplating issuing a $650 million term loan maturing May 2020.

The net proceeds from the loan will be used to refinance existing project finance loans for Floatel Superior, Floatel Reliance and Floatel Victory as well as existing $200 million bond.

Floatel has concurrently received commitments for a $100 million revolving credit facility and a $270 million delivery financing for Floatel Endurance with $250 million accordion for Floatel Triumph from a club of commercial banks.

[mappress]

Press Release, May 06, 2014