Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced today that its wholly owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI) has entered into a loan agreement with Caterpillar Financial Services Corporation (Cat Financial) for a USD 120 million loan facility for construction financing on the four product tankers under contract with Crowley Maritime Corporation (Crowley). The loan will be subject to a maximum borrowing amount of USD 58-60 million per vessel and will be secured by a first lien on Hulls 021-024. The loan will accrue interest at three-month Libor plus 3.0% as defined in the loan agreement.
The commitment letter for this loan was originally disclosed in AKPS's third quarter 2013 financial report.
APSI is currently has under construction two 115,000 dwt crude oil carriers for SeaRiver Maritime, Inc., ExxonMobil Corporation's U.S. marine affiliate, and one 50,000 dwt product tanker for the joint venture with Crowley. APSI also has firm contracts for the construction of three additional 50,000 dwt product tankers for the joint venture with Crowley and contracts for two 3,600 teu containerships with Matson Navigation Company, Inc. For more information on the shipyard, please visit www.akerphiladelphia.com.
Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Aker Philadelphia Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield and Havfisk.