Danaos Corporation announced yesterday that it has reached agreement with Aegean Baltic Bank acting as agent to its $700 million revolving credit facility.
Danaos Corporation announced yesterday that it has reached agreement with Aegean Baltic Bank acting as agent to its $700 million revolving credit facility with HSH Nordbank, Piraeus Bank and Aegean Baltic, its $60 million credit facility with HSH Nordbank and Dresdner Bank and its $148 million performance guarantee with HSH Nordbank on waiver terms with respect to these facilities. With this agreement, together with agreements reached earlier this year relating to certain of its other credit facilities, the Company has now obtained waivers through January 31, 2010 covering all prior breaches of financial covenants in its credit facilities as well as any subsequent breaches of these covenants.
Upon execution of agreements with respect to the waiver terms agreed with the abovementioned banks, the Company intends to complete and file its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission, which will contain additional details on the credit facility waivers and amendments.
"We are happy to announce this agreement on all waiver terms for our outstanding credit facilities," said Dr. Coustas, Chief Executive Officer of Danaos. "All the agreements we have reached with our banks are testament to the support and trust Danaos management and business model has enjoyed from its lenders for a long time. With a fleet of 41 vessels chartered at fixed rates for an average of about 8 years ahead, we are now focusing on completing our new-building program of 28 pre-chartered vessels scheduled for delivery gradually through 2012."
Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. Our current fleet of 41 containerships aggregating 165,933 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos is the largest US listed containership company based on fleet size.