16 Dec 2009 07:00
Goldenport Holdings Inc.
Athens, 16 December 2009
New Loan Facility for Vessel Acquisitions
Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of containers and dry-bulk vessels, announced today that it has arranged a new loan facility with a major Greek bank for a total amount of US$37 million.
Out of the total amount, US$15.1 million will be used to finance up to 80% of the acquisition cost of a dry bulk carrier, US$11.9 million will be used to refinance an existing credit facility and the remaining US$10 million will be used for working capital purposes. Two existing vessels that became debt free were used as collateral for the new facility.
This loan facility combined with an existing credit line for US$20 million, which was arranged during the third quarter of 2009, enables the Company to fund future dry bulk carrier acquisitions with an overall value of US$45.1 million.
Captain Paris Dragnis, Founder and Chief Executive Officer of Goldenport commented: "We are pleased to have secured a new loan facility with attractive terms with a major Greek bank. This new facility combined with an existing credit line and with our strong cash position gives us the flexibility to continue to seek strategic and accretive acquisitions that will create long-term value for the Company and its shareholders."
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For further information, please contact:
Goldenport Holdings Inc.:
Christos Varsos, Chief Financial Officer +30 210 8910500
John Dragnis, Commercial Director +30 210 8910500
Investor Relations Coordinators:
Capital Link:
Annie Evangeli - London +44 203 206 1320
Nicolas Bornozis - New York +1 212 661 7566
E-mail: goldenport@capitallink.com
info@goldenport.biz
Further Information:
Overview of Goldenport
Goldenport is an international shipping company that owns and operates a fleet of twenty-five container and dry bulk vessels that transport cargo worldwide. The fleet consists of twelve container vessels (including two new-build vessels with deliveries scheduled for 2011) and thirteen dry bulk carriers (including six new-build vessels with deliveries scheduled for 2010 and 2011). Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz