Pacific Basin Ups Funding Flexibility with USD 115 Mn Loan

Hong Kong-based dry bulk shipping company Pacific Basin Shipping Limited has closed a new USD 115 million secured revolving credit facility.

The 7-year reducing facility, secured over 10 of the company’s owned ships, is supported by a syndicate of three leading international banks.

Borrowings under the facility will carry an interest cost of Libor plus 1.35%, extend the company’s overall amortisation profile and enhance its financial flexibility.

Peter Schulz, CFO of Pacific Basin, explained that the new loan “further increases our funding flexibility with access to long-term committed funding on a revolving basis for the next seven years at an attractive cost and reinforces our already very competitive vessel P&L breakeven levels.”

“The facility demonstrates Pacific Basin’s strong access to diverse sources of capital reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation which set us apart as a preferred, strong, reliable and safe partner for finance providers, customers and other stakeholders,” Schulz added.