Seaspan fixes loan for two 13,000-TEU ships

Container ship owner and vessel charterer Seaspan Corp, Canada, has secured a loan for US$235.3 million to finance the purchase of two 13,100-TEU vessels that it ordered earlier from South Korean builder, Hyundai Heavy Industries.

The two vessels are part of an order for eight ships from the shipyard, which are expected to be delivered in 2011 and thereafter chartered to COSCO Container Lines. Sumitomo Mitsui Banking Corp. has underwritten the credit facility at a weighted average rate of 0.7 percent over London inter-bank offered rates (LIBOR). Seapan said it has generated US$2.2 billion of debt so far this year to support the company's expansion plans, and has US$550 million in immediate liquidity to capitalize on future acquisition opportunities.
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