POST Online Media Lite Edition


Diana Containerships to pay $85.0 to settle with RBS

Staff Writer |
Diana Containerships announced that it has paid an aggregate of $85.0 million for full and final settlement of its $148.0 million secured loan facility with The Royal Bank of Scotland (RBS), entered into on September 10, 2015, which had an outstanding balance of $128.9 million as of June 30, 2017.

Article continues below

The Company funded the refinancing of the RBS loan with aggregate proceeds of $75 million under two new secured loan facilities with Addiewell, an unaffiliated third party, in the amount of $35 million, and with Diana Shipping in the amount of $40.0 million, together with available cash on hand of $10 million.

The Company has refinanced its existing unsecured loan facility with Diana Shipping Inc., entered into on May 20, 2013, having an outstanding balance of $42.6 million as of June 30, 2017.

The principal amount of the new secured loan of $82.6 million with Diana Shipping Inc. includes the existing loan and the new loan used to refinance the Company's RBS loan.

What to read next

Diana Containerships to sell up to seven vessels
Diana Containerships enters loan agreements with RBS, Diana Shipping
Diana Containerships in deal with Maersk Line for Great