Awilco LNG announced that the term sheet for the refinancing of the Company’s two 2013-built 156,000 cbm TFDE LNG carriers WilForce and WilPride has been credit approved.
The sale/leaseback facility is provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB), and is expected to enable a full take out of the Company’s current sale/leaseback facilities at favorable terms. The facility bears a 14-year straight line amortisation profile, a tenor of 10 years and carries a floating interest rate structure.
The facility is expected to close in Q4 2019 subject to final documentation and customary closing conditions.
Jon Skule Storheill, CEO of Awilco LNG ASA, stated: “We are pleased to mark the start of our long-term relationship with CCBFL, a leading leasing house in China and part of one of the largest banks in the world, and believe the terms are attractive and supportive of the Company’s commercial strategy.”