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...