Aker Shipyard gets $65 million five-year loan at Libor plus 700 bps

By Susanna Moon

Chicago, Nov. 14 - Aker Philadelphia Shipyard ASA said its wholly owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc., obtained a $65 million five-year secured term loan at Libor plus 700 basis points.

The company inked a commitment letter with a group of private lenders led by Tennenbaum Capital Partners, LLC.

The loan is expected to be fully funded by the fourth quarter of 2014, according to a company press release.

As previously announced, the company has lined up commitments for a secured term loan of up to $60 million from PIDC Regional Center that matures in 2019 with a fixed interest rate of 2.75%, and $120 million of construction period financing from Caterpillar Financial Services for the first four product tankers with Crowley.

The company said it is constructing two 115,000 dwt crude oil carriers for SeaRiver Maritime, Inc., ExxonMobil Corp.'s U.S. marine affiliate.

Aker Philadelphia Shipyard, formerly Kværner Philadelphia Shipyard, is a commercial shipyard based in Philadelphia.

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