Sovcomflot raises millions of USD in Europe for new vessels

Major Russian state-owned carrier Sovcomflot has secured a 10-year credit facility and USD 319 million from European banks. The funds will be spent on two LNG newbuildings for Arctic sailing. The carrier also plans a New York IPO.

Russian state-owned carrier Sovcomflot is looking to transport LNG from the Arctic, and in order to afford this the carrier has now secured loans for USD 319 million over a 10-year period from a series of European banks, with ING serving as facilitator, says Sovcomflot in a statement.

"We are delighted to have concluded a new long-term international financing agreement for SCF Group. This deal represents a major milestone for the company in 2014 and serves to demonstrate its continued access to the international financial markets. In the course of the last one and a half year SCF has arranged long-term bank financing in a total amount of over USD 700 million for its growing liquefied gas transportation business," says Nikolai Kolesnikov, Senior Executive Vice President and CFO, in the statement, where Sovcomflot also emphasizes the fact that the European banks have done business with the carrier in the past.

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