VOL. XL
No. 44
3-November-1997
SAUDI ARABIA
NSC And Chase Sign $300Mn Refinance Loan
The National Shipping Company (NSC) of Saudi Arabia and Chase Manhattan Bank on 26October signed a $300mn 10-year loan facility to refinance the five VLCCs built by Japan'sMitsubishi Heavy Industries at a total cost of some $500mn. The facility, priced at 82.5bps over Libor and rising to 100 bps, was arranged two months ago. The VLCCs, which weredelivered to NSC in 1996 and 1997, are on a three-year lease to...
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