Nordea,ABN AMRO, ING, Credit Agricole, Societe Generale and ITF Suisse are the mandatedlead arrangers.

Bookrunners for thefacility were Nordea and ABN AMRO, with the former also acting as the facility agent,UACC said.

Inaddition to refinancing existing syndicated facilities, UACC said the loan willprovide finance towards five modern product and chemical tankers added to thefleet during the first half of 2014.

“Mostof the banks in this facility became lenders to UACC in 2010 and we are verypleased to continue this partnership,” said UACC chairman Waleed Al Dawood.

UACC chief financial officerKetil Ostern said: “Wetake the fact that two new lenders have joined our group of banks, and the factthat the loan was over-subscribed as a strong signal that banks also acknowledgethat UACC has taken a big step forward”

“Theloan will provide competitive finance over the next seven years, and it willpave the way for further growth in the company.”

UACCchief executive Per Wistoft adds: “We believe the time is right to invest. Themacroeconomic factors for the oil and especially chemical markets areimproving, and we are slowly returning to pre-crisis levels.

“Inour own backyard, the petrochemical industry is expanding and getting more andmore important for the world economy as a whole.”

Lastmonth UACC confirmed the acquisition of four modern chemical tankers from Malaysianshipowner MISC.

Nofinancial terms were disclosed, but brokers suggested last week that the shipshad been sold for $142m in total.

Somebrokers say the MISC ships could be commanding an above-market value as theMalaysian shipowner tends to order vessels to higher specifications.

Theships were the 45,000-dwt Bunga Balsam and Bunga Bakawali (both built 2010) andBunga Begonia and Bunga Banyan (both built 2011).

TheIMO 2+3 ships are almost identical sister ships to a series of four 45,000-dwtchemical tankers UACC built in Korea in 2010 and 2011.

Thevessels will be named UACC Doha, UACC Manama, UACC Riyadh and UACC Shamiya.Delivery is expected in the second quarter of 2014.

OnMonday Navig8 said the UACC Manama and UACC Shamiya will join its Chronos8 Poolin May and July.

Dubai-based UACC controls afleet of 18 product- and chemical tankers within the MR and panamax LR1segments, the average age of which is about six years.