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Aker Philadelphia Shipyard ASA and Crowley Maritime Corp Complete Documentation for Joint Venture; Aker Philadelphia Shipyard ASA's Subsidiary Secures Debt Financing


Friday, 8 Nov 2013 02:00am EST 

Aker Philadelphia Shipyard ASA announced that its wholly owned United States subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), and Crowley Maritime Corp have completed definitive documentation and satisfied the closing conditions for the joint venture related to the operation and chartering of at least four product tankers. The transaction was originally announced on August 9, 2013. The agreements include binding shipbuilding contracts for the first four product tankers, which were signed on August 9, 2013, and options to build additional product tankers. APSI has also signed a commitment letter with PIDC Regional Center, a partnership between CanAm Enterprises and PIDC, for a secured term loan of up to USD 60 million at a fixed interest rate of 2.75%. This loan is expected to be fully funded by the first quarter of 2015 with a five-year maturity occurring in 2019. This loan will be made through the Welcome Fund loan program. APSI is also in the process of finalizing a commitment for an additional secured loan of up to USD 65 million. It is expected that the two secured loans, once closed, will fulfill all of APSI's financing needs for its current backlog, which extends to the fourth quarter of 2018, including the effect of Matson containership project. APSI has also signed a commitment letter with Caterpillar Financial Services for USD 120 million of construction financing for the first four product tankers with Crowley. 

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