Eimskip Holdings seeks C$700 million credit facility

By Sara Rosenberg

New York, July 27 - Eimskip Holdings, Inc. is currently in market with a C$700 million credit facility, according to a market source.

RBC is the lead bank on the deal that launched with a bank meeting on Wednesday.

The facility consists of a C$50 million revolver (B1/BB-) talked at Libor plus 275 to 300 basis points, a C$510 million first-lien term loan (B1/BB-) talked at Libor plus 275 bps to 300 bps and a C$140 million second-lien term loan (Caa1/B) talked at Libor plus 525 bps to 550 bps, the source said.

"Deal seeing a lot of interest from banks, insurance companies and real estate investors due to its strong real estate collateral values," the source added.

Eimskip is a subsidiary established by Hf. Eimskipafelag Islands to acquire Versacold Income Fund for C$12.25 in cash per trust unit.

Versacold is a Vancouver, Canada, refrigerated warehousing company.

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