One Step Closer – Ridgebury Obtains Loan Commitment

In it’s latest amended filing, Ridgebury Tankers disclosed that it has arranged a $100 million two-year senior secured credit facility from DVB Bank. Borrowings under the facility will bear interest at Actual Interbank Market Rate plus 3.10%. In addition, there is an upfront fee of $3 million or 3% of the facility amount. The facility will be secured by first mortgages on the vessels together with the customary security and covenants required for loans of this type.

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