Caterpillar Financial Provides $80MM Facility to Aker
Aker Philadelphia Shipyard said it has entered into a loan agreement with Caterpillar Financial for a construction loan facility and contingent floorplan loan facility totaling $80 million.
Under the agreement, Cat Financial will fund up to $40 million per ship toward the construction cost of two product tankers currently being built for the shipyard’s own account.
The loan agreement, in conjunction with the transactions announced by AKPS on March 31, 2011, secures construction financing for the two product tankers under construction through 2013.
Previous Post
