Tallink Group €184 million ferry financing

Overview:

• A subsidiary of Tallink Group has secured a €184 million term loan from Nordea Bank, the largest Scandinavian financial group.
• The proceeds will be used to finance a new €230 million LNG powered fast ferry.
• Finnish export credit agency Finnvera guaranteed 95% of this post-delivery buyer credit for which Finnvera’s subsidiary, Finnish Export Credit, has provided long term financing.
• The loan is secured by a mortgage on the new vessel and the corporate guarantee made by Tallink Group.
• The OECD-term export credit loan will be drawn on the delivery of the vessel, presumably in the beginning of 2017.

Wai Yee Tsang - Journalist