Irish Continental Group (ICG) has concluded an additional financing facility with the European Investment Bank (EIB).
The facility will be used to finance the construction of the second new vessel for ICG’s Irish Ferries operations, which is due for delivery during 2020.
When delivered, this vessel will be the largest cruise ferry in the world in terms of vehicle capacity and provide the group with an effective 50% increase in peak freight capacity.
This additional facility comprises a committed €80 mill drawing limit and is available for drawing during July, 2018. Repayments are on an amortising basis over a 12-year term. The interest rate applicable to the facility has been fixed at 1.616% per annum.
It is also in addition to the suite of financing agreements announced in December, 2017, comprising;
⦁ A 12-year amortising loan provided by the EIB comprising a committed €75 mill drawing limit, now drawn at a fixed interest rate of 1.724% per annum and maturing during 2030;
⦁ Multicurrency private loan shelf agreements with Metropolitan Life Insurance Co and Pricoa Capital Group comprising total uncommitted drawing limits of $275 mill and tenors of up to 15 years, whereunder one series of loan notes has been issued amounting to €50 mill on a seven-year bullet repayment term, maturing November, 2024 with a fixed interest coupon of 1.4% per annum;
⦁ A five-year multicurrency revolving credit facility provided by Allied Irish Banks and Bank of Ireland available to September, 2022 and extendable by up to a further two years, comprising a committed €75 mill drawing limit together with an additional uncommitted limit of €50 mill; and
⦁ An overdraft and guarantee facility of €16 mill provided by Allied Irish Banks renewable annually.
This additional EIB facility supports the groups long term infrastructural investment in its fleet which will enhance ‘the bridge’ from Ireland to the UK & Continental Europe that is a vital part of the continued success of Ireland’s open economy, ICG said.
