MC Shipping calls $21.1 million 11¼% notes, gets $45 million loan to refinance bank debt

Pittsburgh, Oct. 1 - MC Shipping will redeem all $21.1 million of its outstanding 11¼% senior notes due 2008 at a price of 103.75%, according to a company news release.

The redemption date is Nov. 1.

The company has also obtained a $45 million six-year amortizing loan from Fortis Bank that will allow it to refinance all its outstanding bank debt, the release said.

"Once the call is completed, we will have successfully refinanced our debt and fulfilled all our obligations under the notes," chief executive officer Tony Crawford said in the release. "More importantly, the refinancing will simplify the capital structure of the company, remove a number of restrictive covenants and allow us to focus on future growth plans."

MC Shipping is a Monaco-based owner and operator of a fleet of LPG and container vessels.

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