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