February 12, 2007
Aker American secures product tanker financing
Aker American Shipping (AKASA) has, concurrently with the delivery of the first product tanker from Aker Philadelphia Shipyard, closed a senior secured credit facility of $770 million with Fortis as agent, financing its long term ownership of the first 10 vessels.
The facility secures permanent financing for the first 10 product tankers and provides for an advance of $80 million per vessel. The facility refinances the $350 million facility currently in place for the first five product tankers that provided for an advance of $70 million per vessel. AKASA has also entered into interest rate swaps, which secure the interest rate of the new credit facility.