VOL. XL

No. 32

11-August-1997

SAUDI ARABIA

Chase Arranges Two Facilities Totaling $427Mn For NSC

Chase Manhattan Bank has arranged two financing facilities worth $427mn for SaudiArabia's National Shipping Company (NSC). According to an NSC statement, the firstfacility for $300mn will be used to refinance the five VLCCS which were built by Japan'sMitsubishi Heavy Industries at a cost of some $500mn and have already been delivered,while the second facility for $127mn will be used to finance the...