Daily News: November 14, 2013

Reuters: Tennenbaum Capital Leads Facility for Philadelphia Shipyard

Reuters reported that Aker Philadelphia Shipyard (APSI) announced that a group of private lenders, led by Tennenbaum Capital Partners, provided a secured term loan of $65 million with a variable interest rate of LIBOR plus 7.00%. The loan is expected to be fully funded by Q4 2014 with a five-year maturity occurring in 2018, and the new term debt facility is subject to agreement on definitive documentation and fulfillment of customary closing conditions, Reuters said.

Reuters said further APSI previously announced a secured term loan of up to $60 million from PIDC Regional Center that matures in 2019 and carries a fixed 2.75% interest rate, and $120 million of construction period financing from Caterpillar Financial Services for the first four product tankers with Crowley.

To read the entire Reuters article, click here.