Likewise, Prosafe Taps Bank Market

Today, Prosafe AS announced that it had entered into a new credit facility of $1.1 billion, consisting of a revolver of $620 million and a term loan of $480 million. The tenor of the facility is 6 years with semi-annual payments of $70 million to a balloon of $260 million. Pricing is very competitive at LIBOR + 1.875%. Proceeds will be used for fleet expansion and the current upgrading of the Safe Caledonia and Safe Astoria.

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