Capital Product Partners refinances debt.

Sep 08 2017

Capital Product Partners (CPLP) has signed a firm offer letter for a new senior secured term loan facility for an aggregate principal amount of up to $460 mill.

This move was agreed with a syndicate of lenders led by HSH Nordbank (HSH) and ING Bank (ING) as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece as arrangers.

CPLP announced that it has formally entered into the loan agreement documenting the new facility. The mixed fleet owner expects to use the net proceeds of this facility, together with available cash, to refinance its debt, under its 2007, 2008, 2011 and 2013 credit facilities, during the fourth quarter of this year.

The Partnership currently owns 36 vessels, including 21 modern MRs, four Suezmaxes, 10 Neo Panamax container vessels and one Capesize bulk carrier.

Its vessels trade predominantly under period charters to Cargill, CMA CGM, Cosco Bulk Carrier, CSSA (Total), Flota Petrolera Ecuatoriana, Hyundai Merchant Marine, International Seaways, Pacific International Lines, Petróleo Brasileiro, Repsol Trading and Capital Maritime & Trading Corp. 

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