Irish Continental Irish Continental Group Plc : Vessel Redelivery & Financing

 
TIDMICGC 
 
 
   Irish Continental Group PLC ("ICG" or "the Group") announces the 
following; 
 
   Redelivery of the High Speed Craft Westpac Express ("the Vessel") 
 
   As expected the Vessel has been redelivered to the Group at the end of 
November as per the terms of the charter agreement with Sealift LLC. The 
Vessel had been on charter since its acquisition on 1 June 2016. The 
Vessel will undergo a refurbishment programme to bring it up to Irish 
Ferries passenger service standards. 
 
   The Group is currently finalising its fleet operational requirements for 
2018 and a decision on whether to charter externally or deploy this 
Vessel within the Group's Irish Ferries services, in lieu of the 
existing vessel Jonathan Swift, will be announced in due course. 
 
   Refinancing of Group Debt 
 
   Following the maturity of its existing debt facilities ICG has concluded 
a suite of financing agreements comprising; 
 
 
   -- A 5 year multicurrency revolving credit facility provided by Allied Irish 
      Banks plc (Co-ordinating Bank)  and Bank of Ireland (Agent Bank) 
      extendable by up to 2 years, comprising a committed EUR75 million drawing 
      limit together with an additional uncommitted limit of EUR50 million; 
 
   -- A 12 year amortising term loan provided by the European Investment Bank 
      comprising a committed EUR75 million drawing limit, available on delivery 
      of the new vessel  W.B. Yeats; and 
 
   -- Multicurrency private loan note 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. 
 
 
   The above has been supplemented with an overdraft and guarantee facility 
of EUR16 million provided by Allied Irish Banks Plc. 
 
   On 30(th) November 2017 the Group issued its first series of loan notes 
under the shelf agreements amounting to EUR50 million on a 7 year bullet 
repayment term with a fixed coupon of 1.40% per annum. Following this 
issuance the aggregate committed finance facilities amount to EUR216 
million, with uncommitted facilities of EUR222 million approximately. 
 
   These facilities will be used to support the long-term investment 
opportunities available to  the Group the most imminent being the 
delivery of the cruise ferry W.B. Yeats in June 2018 when the remaining 
80% of the EUR144 million contracted cost of this ship is due to be 
paid. 
 
   END 
 
   1 December 2017 
 
   Enquiries: 
 
 
 
 
Eamonn Rothwell   Chief Executive Officer   [phone] 
David Ledwidge    Chief Financial Officer   [phone] 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Irish Continental Group plc via Globenewswire 
 
 
  http://www.icg.ie/ 
 

(END) Dow Jones Newswires

December 01, 2017 02:00 ET (07:00 GMT)

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