FSL Trust Refinances Existing Syndicated Loan

FSL Trust Management, the trustee-manager of Singapore-based First Ship Lease Trust, has completed the refinancing of all outstanding amounts under an existing syndicated loan.

Namely, the company said that the refinancing was finalized using funds from new loan facilities as well as internal resources.

Additionally, in its filing to the Singapore Exchange, FSL Trust informed that it has applied for, and been granted leave, by the High Court to withdraw its application to convene a court meeting to approve a scheme of arrangement.

As such, there will be no court meeting held and no scheme of arrangement made between the company and its lenders. The moratoria obtained by the company and its vessel owning subsidiaries have also been discharged.

In early July, FSL Trust secured a total of USD 108 million via three separate loan facilities. Specifically, a USD 50 million facility agreement was signed with Hellenic Bank Public Company, USD 40 million loan was inked with Chailease International Financial Services and USD 18 million facility agreement with Amsterdam Trade Bank N.V.