March 2014 - QPS Signing Ceremony
On March 12, 2014, a Signing Ceremony took place in Raffles Hotel, Singapore, between Quantum Pacific Shipping (QPS) and a consortium of four banks – DNB, Nordea, Scotiabank and SEB – for a USD137 million Senior Secured Term Loan Facility.
The facility provided funding for a mix of vessels comprising three existing vessels, one recently delivered newbuilding, a recent secondhand acquisition and the still-to-deliver Imabari PCTC newbuilding.
This was a landmark transaction for QPS on many fronts:
First financing arranged by QPS since it took responsibility for financing on January 1, 2014.
First financing arranged through the Singapore branches of a syndicate of existing QPS lenders.
First financing using commercial bank debt in 12+ months, establishing more favourable QPS
financing terms and conditions.
Significant reduction in borrowing cost compared to financing in 2013.