Ocean Hotels makes first draw on the USD 100 million loan agreement with
Export Development Canada
Limassol, 15 December 2009. Ocean Hotels Plc. (“Ocean Hotels”) today announces that the
company has fulfilled all conditions precedents in the loan agreement for the USD 100 million
senior secured loan (the “Loan”) from Export Development Canada (“EDC”) for the financing of the
company’s two new buildings under construction at Davie Yards Inc. (“Davie”). The first
disbursement under this loan was transferred to Davie Monday 14 December.
The loan secures the restarts of the construction of both vessels which are scheduled for delivery
first half 2011.
The loan will allow Ocean Hotels to draw up to USD 100 million in construction financing prior to
delivery of the vessels, including accrued interest.
The USD 40 million prefunding to Davie, as announced July 24 2009, is included in the USD 100
million loans.
Following delivery of the vessels, the loan will be repaid over 12 years. The loan will be secured by
a first priority mortgage on the vessels.
Ocean Hotels CEO Ola Dønnem stated: “The finalization of this agreement is an important step for
the remaining financing. The support from the Canadian government through EDC has been
essential to ensure the continued progress of our new building program and secures a steady work
progress in order to have these vessels delivered.”
For additional information, contact:
CEO Ola Dønnem, Mob.: +47 90821997
CFO Pål Christian Johnsen, Mob.: +47 41276747