AS Tallink Grupp's subsidiary, Tallink Line Ltd, has signed a €184 million loan agreement with Nordea Bank Finland Plc to finance a new LNG-powered fast ferry.
The €230 million LNG-powered ferry is currently under construction in the Meyer Turku shipyard, Finland.
The loan, which is arranged by Nordea Bank and Finnish Export Credit Agency ‘Finnvera’, guarantees 95% of this post-delivery buyer credit, for which Finnvera’s subsidiary, Finnish Export Credit Ltd, has provided long term financing.
The loan is secured by the mortgage on the new LNG-powered vessel and the corporate guarantee of AS Tallink Grupp. This OECD-term export credit loan will be drawn on the delivery of the vessel, expected at the beginning of 2017. It has the final maturity of 12 years from the drawdown. The loan bears OECD Commercial Interest Reference Rate (CIRR) based fixed interest rate.
Edited from press release by Callum O'Reilly