Irish Continental Group PLC (“ICG”) announces that it has concluded an additional financing facility with the European Investment Bank (“EIB”).
This additional facility comprises a committed €80 million drawing limit and is available for drawing during July 2018. Repayments are on an amortising basis over a 12-year term. The interest rate applicable to the facility has been fixed at 1.616% per annum.
The facility will be used to finance the construction of the second new vessel for ICG’s Irish Ferries operations announced in January and which is due for delivery during 2020. This vessel when delivered will be the largest cruise ferry in the world in terms of vehicle capacity and provide the group with an effective 50% increase in peak freight capacity.
The above facility is in addition to the suite of financing agreements announced in December 2017 comprising;
- A 12-year amortising loan provided by the EIB comprising a committed €75 million drawing limit, now drawn at a fixed interest rate of 1.724% per annum and maturing during 2030;
- Multicurrency private loan shelf agreements with Metropolitan Life Insurance Company and Pricoa Capital Group comprising total uncommitted drawing limits of USD275 million and tenors of up to 15 years, whereunder one series of loan notes has been issued amounting to €50 million on a 7-year bullet repayment term, maturing November 2024 with a fixed interest coupon of 1.4% per annum;
- A 5-year multicurrency revolving credit facility provided by Allied Irish Banks and Bank of Ireland available to September 2022 and extendable by up to a further 2 years, comprising a committed €75 million drawing limit together with an additional uncommitted limit of €50 million; and
- An overdraft and guarantee facility of €16 million provided by Allied Irish Banks PLC renewable annually.
This additional facility provided by EIB supports the groups long term infrastructural investment in our fleet which will enhance “the bridge” from Ireland to the UK & Continental Europe that is a vital part of the continued success of Ireland’s open economy.
19 June 2018
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Enquiries:
Eamonn Rothwell, CEO Tel +353 1 607 5628
David Ledwidge, CFO Tel +353 1 607 5628
Q4 Public Relations Tel +353 1 475 1444
