Irish Continental Irish Continental Group Plc : Vessel Redelivery & Financing
December 01 2017 - 2:00AM
UK Regulatory
TIDMICGC
Irish Continental Group PLC ("ICG" or "the Group") announces the
following;
Redelivery of the High Speed Craft Westpac Express ("the Vessel")
As expected the Vessel has been redelivered to the Group at the end of
November as per the terms of the charter agreement with Sealift LLC. The
Vessel had been on charter since its acquisition on 1 June 2016. The
Vessel will undergo a refurbishment programme to bring it up to Irish
Ferries passenger service standards.
The Group is currently finalising its fleet operational requirements for
2018 and a decision on whether to charter externally or deploy this
Vessel within the Group's Irish Ferries services, in lieu of the
existing vessel Jonathan Swift, will be announced in due course.
Refinancing of Group Debt
Following the maturity of its existing debt facilities ICG has concluded
a suite of financing agreements comprising;
-- A 5 year multicurrency revolving credit facility provided by Allied Irish
Banks plc (Co-ordinating Bank) and Bank of Ireland (Agent Bank)
extendable by up to 2 years, comprising a committed EUR75 million drawing
limit together with an additional uncommitted limit of EUR50 million;
-- A 12 year amortising term loan provided by the European Investment Bank
comprising a committed EUR75 million drawing limit, available on delivery
of the new vessel W.B. Yeats; and
-- Multicurrency private loan note shelf agreements with Metropolitan Life
Insurance Company and Pricoa Capital Group comprising total uncommitted
drawing limits of USD275 million and tenors of up to 15 years.
The above has been supplemented with an overdraft and guarantee facility
of EUR16 million provided by Allied Irish Banks Plc.
On 30(th) November 2017 the Group issued its first series of loan notes
under the shelf agreements amounting to EUR50 million on a 7 year bullet
repayment term with a fixed coupon of 1.40% per annum. Following this
issuance the aggregate committed finance facilities amount to EUR216
million, with uncommitted facilities of EUR222 million approximately.
These facilities will be used to support the long-term investment
opportunities available to the Group the most imminent being the
delivery of the cruise ferry W.B. Yeats in June 2018 when the remaining
80% of the EUR144 million contracted cost of this ship is due to be
paid.
END
1 December 2017
Enquiries:
Eamonn Rothwell Chief Executive Officer +353 1 607 5628
David Ledwidge Chief Financial Officer +353 1 607 5628
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Irish Continental Group plc via Globenewswire
http://www.icg.ie/
(END) Dow Jones Newswires
December 01, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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