Bloomberg News

Precious Shipping Signs $100 Million Loan for Vessel Buys

February 17, 2012

(Adds company debt in third paragraph.)

Feb. 17 (Bloomberg) -- Precious Shipping Pcl, the largest Thai dry-bulk shipping company, signed a $100 million term loan with Export-Import Bank of Thailand to finance as much as 80 percent of the acquisition costs of new and second-hand vessels.

The loan has a commitment fee equal to 0.7 percent per year of the undrawn facility, payable quarterly, and total monies outstanding will be repaid in 8.5 years, according to a regulatory statement by the company.

Precious Shipping has $318.6 million in loans outstanding, according to data compiled by Bloomberg.

--Editor: Katrina Nicholas

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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