AMSC seals USD 500m in loans

American Shipping Company ASA, is pleased to announce that it has received firm commitments for a USD 500 million refinancing of its secured bank debt from a group of lenders. The refinancing is structured in two separate facilities; one being a USD 350 million facility with a club of four banks consisting of BNP Paribas, Credit Agricole, SEB and Wells Fargo and the other a USD 150 million facility with CIT Maritime Finance.

"The refinanced debt provides attractive financing terms to AMSC and significantly increases financial flexibility going forward. Reduced interest cost and lower amortization provides AMSC with substantially higher dividend capacity in the future," said PÃ¥l Lothe Magnussen, President and CEO of AMSC.

The debt refinancing is expected to close in Q3 2015 and is subject to customary documentation.