Irish Continental Irish Continental Group Concludes An Additional Eur80 Million Financing Facility With The European Investme...

 
TIDMICGC 
 
 
   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 EUR80 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 
      EUR75 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 EUR50 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 EUR75 million drawing 
      limit together with an additional uncommitted limit of EUR50 million; and 
 
   -- An overdraft and guarantee facility of EUR16 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 
 
 
 
 
 
   END 
 
 
 
 
 
   Enquiries: 
 
   Eamonn Rothwell, CEO                  Tel [phone] 
 
   David Ledwidge, CFO                    Tel [phone] 
 
   Q4 Public Relations                          Tel [phone] 
 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

June 19, 2018 02:00 ET (06:00 GMT)

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