AS “Latvian Shipping Company” reaches agreemen

Inside information, 2016-12-22 16:05 CET (GLOBE NEWSWIRE) -- JSC “Latvian Shipping Company” (LSC) is pleased to announce that it has reached agreement with the syndicate of three banks on main terms and conditions of the re-financing of the remaining outstanding balance under the existing USD 360 million loan facility with the maturity in June 2017.

The refinancing  will be subject to documentation and conditions that would be set out in definitive agreements. Pending definitive documentation of the agreement, LSC expects to be able to repay the remaining USD 121 million by 30 June, 2022.

“We are delighted to be able to sign the firm term sheet with the banks today. The new refinancing agreement will, once completed, guarantee a safe and steady cash flow of the LSC group and, at the same time, will allow the company to develop its global business” LSC Chairman of the Board Robert Kirkup reveals, adding that the agreement is subject to the negotiation of remaining terms and conditions.

About JSC “Latvian Shipping Company”

JSC “Latvian Shipping Company” (Nasdaq Riga: LSC1R) is vessel owner in the segment of medium and handy size tankers. The company owns 16 modern vessels employing more than 1300 professional and high-skilled seamen from Latvia. Besides, LSC subsidiary “LSC Ship management” Ltd is technically serving 7 more vessels, thus managing a fleet of 23 vessels. The average age of the LASCO fleet is 8 years. All of the vessels have received ISM (International Safety Management) certificates.

         Artis Ozolins, Communications Consultant          JSC “Latvian Shipping Company”          Telephone: +371-26179051          E-mail: Artis.Ozolins@mccannconsulting.lv          www.lk.lv