Pacific Basin Closes USD 325 Mn Financing Deal(marine crane manufacturer;offshore crane manufacturer)

- Jun 26, 2018-

The company informed that the new facility is supported by a syndicate of eight leading international banks, refinances several of Pacific Basin’s existing credit facilities and raises fresh capital on previously un-mortgaged vessels.

Borrowings under the facility will carry a very competitive interest cost of Libor plus 1.5%, significantly extend the company’s overall amortisation profile and enhance its financial flexibility.

Pacific Basin said that the average age of these 50 ships is 11 years and the facility will effectively extend their repayment profile by an additional 11 years to an average age of 22 years.

“The facility further increases our funding flexibility with access to long-term committed funding on a revolving basis for the next seven years at an attractive cost which further reduces our already very competitive vessel P&L breakeven levels,” Peter Schulz, CFO of Pacific Basin, said.

Schultz added that the facility was 40% oversubscribed “reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation.”(marine crane manufacturer;offshore crane manufacturer)

A telescopic spreader for lifting loads of various lengths i.e. load-holders or containers, comprising a main beam and within its longitude at least two opposingly movable telescopic beams. These have at their outer ends means for coupling to the load to be lifted. The main beam has extensions at its upper gable ends which extend out almost as far as that on the same side telescopic beam's  outer end when that telescopic beam is in its innermost position. Each extension  is designed to accept the extended inner end or that in the opposite direction extensible telescope beam when in its innermost portion. By the invention the forces the main beam are reduced thus rendering the beam a lighter weight.(marine crane manufacturer;offshore crane manufacturer)