The newbuilds are set for delivery from STX France in fall 2018 and the first half of 2020.
Each 12-year loan will amortize semi-annually following each ship's delivery. Interest is expected to accrue at a fixed rate of 3.225%.
The US dollar-denominated term loans are guaranteed 100% by COFACE, the official export credit agency of France. The maximum amount of each facility is equal to the US dollar equivalent of 80% of the vessel purchase price plus 100% of the premium payable to COFACE.
Citibank N.A., London Branch is global coordinator, Sumitomo Mitsui Banking Corp. Europe Ltd., Paris Branch is ECA agent and Citibank Europe plc, UK Branch is facility agent.
Mandated lead arrangers are Banco Bilbao Vizcaya Argentaria, Paris Branch; Banco Santander, SA, Paris Branch; Citibank NA, London Branch; HSBC France, Société Générale and Sumitomo Mitsui Banking Corp. Europe Ltd., Pars Branch.
