FSL in Talks to Extend USD 479 Mn Loan

Business & Finance

Singapore-based FSL Trust Management has launched negotiations with lenders to extend the maturity of its USD 479.5 million loan by one year.

A total of USD 165.6 million remains to be repaid under the facility, which dates back to December 2011.

“A majority of the lenders under the syndicated loan facility have indicated their support for the extension to the trustee-manager,” FSL said.

However, as the extension needs to be supported by all lenders under the facility, FSL has applied to the High Court of Singapore to propose a scheme of arrangement.

“The trust remains in a substantial net equity position and the business and operations of the trust will continue in the normal course,” the trust said.

The trust registered positive cash generation for the nine months ended September 30, 2017.

FSL Trust has a portfolio of 22 oceangoing vessels, of which 12 vessels are leased to international shipping companies on long-term bareboat charters. The remaining 10 vessels are employed on short-term time charters or in pools.