Oslo, 29 July 2021 – MPC Container Ships ASA (the "Company", together with its subsidiaries the "Group") is pleased to announce that it has entered into a USD 70 million three-year revolving credit facility agreement with CIT Group at attractive terms. An initial drawdown of USD 40 million has been used to refinance existing debt. As a consequence, the previous term loans with Beal Bank and CIT have been repaid in full. Further drawdowns under the facility will strengthen the free liquidity and may be used for vessel upgrades, investments or general corporate purposes.
CEO Constantin Baack comments in relation to the announcement: "Having secured significant charter backlog, we are pleased to add a flexible instrument to our capital structure, whilst adhering to our strategy of moderate leverage. By securing the facility we are able to reduce our financing costs and extend the maturity. The agreed structure frees up collateral and enhances financial flexibility going forward. We appreciate the excellent cooperation and support by CIT’s Maritime Finance team over the past years and its expertise and agility in arranging this financing.”
The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code "MPCC") was formed in April 2017. Its main activity is to own and operate a portfolio of container ships serving intra-regional trade lanes. The Company is registered and has its business office in Oslo, Norway. For more information, please see our website: www.mpc-container.com.