COSCO Pacific lands $440 million

COSCO Pacific, the terminal-operating arm of the COSCO Group, has secured a six-year club term loan facility of $440 million from a consortium of four international financial institutions.

The company said the loan facility would be used for working capital purposes and general corporate funding requirements. The company did not specify and particular projects.

The facility represents a strong endorsement of COSCO Pacific抯 development strategy and solid financials from the banking industry, COSCO said in a statement. The facility will be repaid in 10 progressive installments commencing 18 months after the loan agreement, with 80 percent of the repayment due in the final two years of the facility.

Source: American Shipper