ICG taps lenders in Ireland and US for €446m of new facilities
Ferry operator Irish Continental Group (ICG) announced details of €446m of new debt facilities, sourced from a mix of lenders in Ireland and the US.
The Irish Ferries operator also said it had taken redelivery of the high speed Westpac Express which has been chartered to US military contractor Sealift LLC since it was bought by the Irish company in 2016.
ICG said the ship will undergo a refurbishment programme to bring it up to Irish Ferries’ passenger service standards, and a decision on whether to deploy the vessel at home or charter it to a third party is yet to be announced.
Meanwhile, the Eamonn Rothwell-led company announced comprehensive new debt arrangements amounting to the euro equivelent of just under €450m, following the maturity of its previous loan facilities.
The new facilities include a five-year multi-currency revolving credit facility from AIB and Bank of Ireland, extendable by up to two years. It is comprised of a committed €75m drawing limit and additional uncommitted limit of €50m.
The facilities also include a 12-year amortising term loan provided by the European Investment Bank (EIB) comprising a committed €75m drawing limit, available on delivery of the new vessel WB Yeats and additional multi-currency private loan note shelf agreements with Metropolitan Life Insurance Company and Pricoa Capital Group of potentially up to $275m (230m) and with tenors of up to 15 years.
AIB is also providing a €16m overdraft.
The new facilities will be used to support long-term investment opportunities, including the delivery of the cruise ferry WB Yeats in June 2018.