UAE bankers to partly finance new tankers

Aug 19, 1999 02:00 AM

United Arab Emirates bankers have announced they have raised $ 120 mm for Kuwait-based Arab Maritime Petroleum Transport Co. to partly finance new tankers for its fleet and to help refinance existing loans.
Arab Petroleum Investment Corp, Gulf International Bank and ANZ Investment Bank are the underwriters and senior arrangers for the eight-year loan. Bankers said they expected the loan to be signed in September.
AMPTC, based in Kuwait but operated out of Egypt, is to use the loan to part-finance the acquisition of two product tankers for charter and the construction of a suezmax crude carrier, as well as to help refinance existing loans.

Source: IINX via Iinoil
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