FSL Trust inks 3 loan agreements to refinance outstanding loan

FSL (First Ship Lease) Trust Management said on Thursday that the trust has entered into three loan agreements in order to refinance an existing loan.

The trust has, 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.

These new loan agreements will help the trust refinance its current existing outstanding syndicated loan of approximately US$109.94 million.

Any balance unfunded outstanding is to be paid by the trust out of its internal resources, FSL Trust Management said. 

The trust had, in May, raised net proceeds of about US$7 million from an issue of convertible bonds. The proceeds, along with US$3.35 million in cash available to the trust, went towards reducing the outstanding amount under the loan to US$109.94 million.