MPC Container Ships ASA Secures $100 Million in new Four-Year Revolving Credit Facility

January 16, 2024

Source: Port News

MPC Container Ships ASA (MPCC) has entered into a new USD 100 million four-year revolving credit facility agreement with Hamburg Commercial Bank (HCOB) at attractive terms. The facility remains undrawn and replaces former CIT and HCOB revolving credit facilities with a total commitment of USD 75 million and maturities in 2024 and 2026, respectively, which were fully repaid and cancelled in the fourth quarter of 2023. After the debt repayment and entering into the new loan agreement, MPCC has no debt maturities until 2027.

The new revolving credit facility is secured by 14 vessels, thus releasing substantial collateral of 9 vessels previously included in the former financing facilities, resulting in 38 debt free vessels in the fleet. The debt repayment and new facility thus further strengthens MPCC’s balance sheet while preserving its low leverage and adding substantial flexibility for future opportunities.