Capital Product Partners boosts credit facility to $225 million

By Toni Weeks

San Luis Obispo, Calif., Jan. 31 - Capital Product Partners LP amended and restated its senior secured credit facility in December, increasing it to $225 million, according to the company's fourth-quarter 2013 financial results.

Capital Product arranged the previously $200 million facility last September with ING Bank NV as lead bank. None of the other material terms of the credit facility were amended.

The interest margin is 350 basis points, with a commitment fee of 100 bps. The facility is non-amortizing until March 2016, with a final maturity date of December 2020.

Proceeds are available for the funding of up to 50% of the charter free value of modern product tankers and post panama container vessels.

In September, the partnership drew $75 million from the facility to partially finance the acquisition of three post panama container vessels. As of Jan. 31, $150 million remains available under the facility.

Capital Product is an Athens-based tanker company that transports crude oil and refined petroleum products, edible oils and soft chemicals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.