Sovcomflot has announced signing a new $149 mn credit facility, for up to 10 years, with a consortium of three leading international banks, comprising ING Bank N.V.; KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.
According to the company, the funds will be used towards financing the construction of a new generation 174,000-cubic metres Atlanticmax LNG carrier.
The vessel will feature a slow-speed tri-fuel X-DF diesel engine and gas boil-off partial liquefaction system. The LNG carrier will operate on long-term charters with Total Group.
The project facility benefits from a limited-recourse structure and a favourable long-term tenor, as well as competitive pricing, reflecting the robustness and the high credit quality of the deal structure, underpinned by the stability of the charter hire revenue stream and cash flows, SCG said in a statement.
According to Nikolay Kolesnikov, Senior Executive Vice-President & CFO of Sovcomflot, “This is the fifth successful international debt financing accomplished by SCF Group in 2018, which further strengthens the Group’s liquidity position and, despite challenging conditions in the global financial and shipping markets, enables it to address its upcoming financial requirement”.