KUALA LUMPUR: Bumi Armada Bhd’s unit Armada TGT Ltd has secured a US$64.3 million (RM270.86 million) loan from ING Bank N.V Singapore, with a final maturity date on December 31 next year.
In an exchange filing today, Bumi Armada said the loan was intended for Armada TGT to fund, among others, the repayment of its existing loan, transaction expenses and financing costs.
“The repayment of the gacility will be via charter proceeds from the Bareboat Charter and the security for the facility is the standard security package for this type of loan facility,” it added.
Armada TGT is a ship owner, charterer, manager of ships and vessels and provider of marine support and other services to offshore oil and gas companies.
It owns the floating production storage and offloading Armada TGT 1, which is currently servicing a charter contract with Hoang Long Joint Operating Company in the Te Giac Triang field for a firm charter period from August 27 2018 until November 14, 2024 (Bareboat Charter).