Ferries group ICG announces new financing deal

Group concludes financing agreements with Allied Irish Bank and Bank of Ireland

Irish Continental Group is finalising its fleet operational requirements for 2018. Photograph: Eric Luke

Irish Continental Group is finalising its fleet operational requirements for 2018. Photograph: Eric Luke

 

Ferries operator Irish Continental Group has announced a new suite of financing arrangements for the company.

Following the maturity of its existing debt facilities, ICG said it had concluded financing agreements with Allied Irish Bank and Bank of Ireland.

These include a five-year multicurrency revolving credit facility provided by AIB and Bank of Ireland , extendable by up to two years, comprising a committed €75 million drawing limit and an additional uncommitted limit of €50 million.

The company is also in receipt of a 12-year amortising term loan provided by the European Investment Bank comprising a committed €75 million drawing limit, available on delivery of its new WB Yeats vessel.

Multi-currency private loan note shelf agreements with Metropolitan Life Insurance Company and Pricoa Capital Group comprising total uncommitted drawing limits of $275 million were also announced.

Overdraft

The facilities have also been supplemented with an overdraft and guarantee facility of €16 million from AIB.

The company also announced the redelivery of its high-speed Craft Westpac Express – the Vessel – which had been chartered by US shipping group Sealift since its acquisition in 2016.

The group said it was finalising its fleet operational requirements for 2018 and a decision on whether to charter externally or deploy the vessel within its Irish Ferries services, in lieu of the existing vessel Jonathan Swift, will be announced in due course.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.