Original disclosure @ IFC website
Updated in EWS Oct 17, 2022
Disclosed by Bank Jun 29, 2021
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According to IFC's website, "the proposed investment consists of a loan to five wholly owned subsidiaries of Precious Shipping Public Company Limited (“PSL” or the “Company”), based on securitization of the cashflows available to PSL under long term charter contracts with Ultratech Cement Limited (“Ultratech”) for five operating ships (four specialized cement carriers and one dry bulk vessel) (the “Project”)".
According to bank's website, "the proposed IFC financing will be a senior Sustainability-Linked Loan (SLL), to the Project Companies comprising: (i) an IFC A loan of up to US$60 million for IFC’s own account, (ii) up to US$25 million of an IFC B loan for the account of B loan participants and/or parallel loans from parallel lenders, and (iii) interest rate swaps. The senior loans will have a tenor of eight years, will be secured by the assets, cashflows and shares of the Project Companies and guaranteed by PSL as the parent entity".
PSL is one of the world’s largest pure dry cargo ship-owning companies operating in the geared (10,000 to 69,000 dead weight tonnage) sector of the tramp freight market. PSL currently operates 36 dry bulk ships with a total capacity of 1.6 million dead weight tonnage. PSL is a member of the GP Group, a 150-year-old diversified Thai conglomerate with businesses across shipping, pharmaceuticals, construction, and mining sectors. PSL was established in 1989 and was listed on Stock Exchange of Thailand in 1993.
Ms. Sirasa Supawasin
Precious Shipping Company Limited
Email Address: email@example.com
Precious Shipping Public Company Limited
+66 2 696 8858
8 North Sathon Road, Silom, Bangrak, Bangkok, 10500, Thailand
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