AKPS, Crowley JV Secures $ 325 mi Commitment

 

The joint venture between Aker Philadelphia Shipyard ASA (AKPS) and Crowley has received a firm and fully underwritten commitment from a group of banks and other financial institutions for a USD 325 million senior secured term loan facility.

According to AKPS this facility will be used for post-delivery financing of the four product tankers to be included in the AKPS-Crowley joint venture (Hulls 021-024). This commitment is subject to the execution and delivery of definitive documentation and satisfaction of customary conditions precedent.
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.