CPLP starts again

Greek tanker and boxship owner Capital Product Partners (CPLP) is refinancing existing borrowings with a notes issue and a new credit facility worth $520m.

The Nasdaq-listed company, backed by Evangelos Marinakis, said it would be offering $260m of first-priority ship mortgage debt due in 2022 to institutional investors.

They will be co-issued by CPLP Finance Corporation, a wholly owned subsidiary of CPLP, and backed by 11 vessel-owning subsidiaries.

The company will use the cash, plus a new $260m senior secured credit facility, to pay off existing loans taken out in 2007, 2008 and 2011, as well as for general corporate purposes.

CPLP also has a capesize bulker among its crude tankers, products carriers and container vessels.

source:www.tradewindsnews.com