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Capital Product Partners seals $460m refinancing

Capital Product Partners seals $460m refinancing
Greece's Capital Product Partners has entered into a firm offer letter for a senior secured term loan facility of up to $460m with HSH Nordbank and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece as arranger

The lenders also include Alpha Bank, Piraeus Bank and Skandinaviska Enskilda Banken AB.

Capital Product Partners intend to use the net proceeds under the new facility and $120.6m of available cash to refinance four out five of existing credit facilities of $580.6m in total. Following the refinancing, the partnership's debt will be reduced to $475.8m in total.

The new facility has a six-year maturity and will be repayable no later than November 2023.

In the meantime, Capital Product Partners announced that one of its tankers Alkiviadis has extended its employment with CSSA, the shipping affiliate of Total for an additional 12 months at a gross daily rate of $12,750 per day. The charter extension will commence in early August with the earliest charter expiration in July 2018. The vessel is currently earning a gross daily rate of $13,300 per day.

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