London-listed Irish Continental Group (ICG) has arranged new financing worth up to $532m.
The owner of Irish Ferries and feeder containerships said it had fixed up a five-year multicurrency revolving credit facility with Allied Irish Banks and Bank of Ireland for a total of EUR 125m ($148.85m), extendable by two years.
There is also a new 12-year amortising term loan provided by the European Investment Bank comprising a committed EUR 75m drawing limit.
This is available on delivery of its new ferry WB Yeats from Flensburger in Germany in June. It still owes 80% of the EUR 144m price.
ICG has also agreed a multicurrency private loan note shelf agreement with Metropolitan Life Insurance Company and Pricoa Capital Group. This is worth up to $275m over 15 years.
It has already issued its first series of notes under the shelf, amounting to EUR 50m on a seven-year bullet repayment term with a fixed coupon of 1.4% per year.
And it has agreed a EUR 16m overdraft and guarantee facility with Allied Irish Banks.
Committed finance facilities amount to EUR 216m, with uncommitted facilities of EUR 222m.
Fast ferry re-delivered
ICG also said it had taken re-delivery of its 8,400-gt high-speed Westpac Express (built 2001) from Sealift as expected.
The vessel had been on charter since its acquisition on 1 June last year.
It will undergo a refurbishment programme, but a decision has yet to be taken on whether to charter it out or deploy it within Irish Ferries services as a replacement for another fast ferry.
