Capital Product Partners Sings Pact for $460 Mln Refinancing

 

The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ). The closing of the credit facility is subject to finalization of the long form loan documentation. 

 

"We intend to use the net proceeds of the loans under the New Facility, together with available cash of approximately $120.6 million, to refinance, four out of five of our existing credit facilities amounting to $580.6 million in total," says a statement from the company.

 

Meanwhile, the company informed that the M/T 'Aktoras' (Chemical Product Tanker built 2006 Hyundai Mipo Dockyard, South Korea) and M/T 'Aiolos' (Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) were redelivered to us on 11 and 25 March 2017 respectively from their previous ten year bareboat employment with BP Shipping Ltd (BP), which was at above market rates compared to period rates prevailing currently in the market. 

 

Both vessels were trading 'dirty' petroleum products during their employment with BP and as a result had to incur off hire days, in order to be prepared for clean product trading. 

 

In addition, in order to transition the vessels to clean petroleum product trading and reposition them for longer term employment, they have been trading on voyage or short time charters during the second quarter of 2017. 

 

The M/T 'Alkiviadis' (Chemical/ Product, built 2006 Hyundai Mipo Dockyard Company Ltd., South Korea) has extended its employment with CSSA S.A. (the shipping affiliate of Total S.A.) for an additional 12 months (+/- 30 days) at a gross daily rate of $12,750 per day.

 

The charter extension will commence in early August with the earliest charter expiration in July 2018. The vessel is currently earning a gross daily rate of $13,300 per day.