Irish Continental Irish Continental Group Concludes An Additional Eur80 Million Financing Facility With The European Investme...
June 19 2018 - 1:00AM
UK Regulatory
TIDMICGC
Irish Continental Group PLC ("ICG") announces that it has concluded an
additional financing facility with the European Investment Bank ("EIB").
This additional facility comprises a committed EUR80 million 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.
The facility will be used to finance the construction of the second new
vessel for ICG's Irish Ferries operations announced in January and which
is due for delivery during 2020. This vessel when delivered 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.
The above facility is 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
EUR75 million 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 Company and Pricoa Capital Group comprising total uncommitted
drawing limits of USD275 million and tenors of up to 15 years, whereunder
one series of loan notes has been issued amounting to EUR50 million on a
7-year bullet repayment term, maturing November 2024 with a fixed
interest coupon of 1.4% per annum;
-- A 5-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 2 years, comprising a committed EUR75 million drawing
limit together with an additional uncommitted limit of EUR50 million; and
-- An overdraft and guarantee facility of EUR16 million provided by Allied
Irish Banks PLC renewable annually.
This additional facility provided by EIB supports the groups long term
infrastructural investment in our 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.
19 June 2018
END
Enquiries:
Eamonn Rothwell, CEO Tel +353 1 607 5628
David Ledwidge, CFO Tel +353 1 607 5628
Q4 Public Relations Tel +353 1 475 1444
(END) Dow Jones Newswires
June 19, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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