First Ship Lease Trust refinances outstanding amounts under loan

FIRST Ship Lease Trust has completed the refinancing of all outstanding amounts under an existing syndicated loan using funds from new facilities as well as internal resources, it said in a filing to the Singapore Exchange on Wednesday.

It also said that it has applied for, and been granted leave, by the High Court to withdraw its application to convene a court meeting to approve a scheme of arrangement.

As such, there will be no scheme of arrangement made between the company and its lenders.

Earlier this month, the trust's management said that the trust has entered into three loan agreements in order to refinance an existing loan.

The trust had, through various subsidiaries, signed a US$50 million facility agreement with Hellenic Bank Public Company Limited, a US$40 million facility agreement with Chailease International Financial Services Co Ltd, and a US$18 million facility agreement with Amsterdam Trade Bank NV.

The new loan agreements will help the trust refinance its current existing outstanding syndicated loan of approximately US$109.94 million, it said in the July 5 announcement.