International Shipholding completes $45.9 million seven-year term loan

By Sara Rosenberg

New York, July 1 - International Shipholding Corp. closed on a new $45.9 million seven-year secured term loan, according to an 8-K filed with the Securities and Exchange Commission on Friday.

DnB NOR Bank ASA and HSH Nordbank AG were the mandated lead arrangers on the deal that was completed on June 29, with DnB the bookrunner and agent.

Pricing on the loan is Libor plus 267 basis points.

Proceeds will be used, along with cash on hand, to finance the purchase of two vessels for which the company exercised early buy-out options in January 2011.

The company expects to draw $26.02 million toward the purchase of the first vessel on or about July 5 and to draw $19.88 million toward the purchase of the second vessel on or about July 18.

International Shipholding is a Mobile, Ala.-based provider of maritime transportation services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.