Precious Shipping Public Company Limited, Precious Pearls Ltd., and Precious Thoughts Pte. Ltd. Announce New Credit Facility of USD 10.10 Million from Export-Import Bank of Thailand
May 04, 2021 at 11:40 pm EDT
Precious Shipping Public Company Limited announced that on April 30, 2021, the company and Precious Pearls Ltd., Thai subsidiary of the company, and Precious Thoughts Pte. Ltd., Singapore subsidiary of the company, (collectively as subsidiaries) have executed a USD 10,100,000 term loan facility agreement with Export-Import Bank of Thailand. The purpose of the Loan Facility is refinancing the loan provided by the Export-Import Bank of Thailand under the facility agreement dated May 28, 2020, as disclosed to the SET on May 29, 2020. Interest rate: 3 months LIBOR plus margin. Availability period: up to October 31, 2021. Repayment: the loan shall be repaid in 10 quarterly installments of USD 1,010,000, beginning from the end of the next calendar quarter. Security: first priority mortgage on the 2 vessels owned by the subsidiaries, that is M.V. Mookda Naree, M.V. Chintana Naree (Vessels). Pledge of shares in the subsidiaries. First priority assignment of any charterparties with a period exceeding 12 months.