Rickmers Group refinances debt for billions

German Rickmers Group has signed a comprehensive refinancing deal with the company's banks, and the group has also managed to remove clauses that prevented it from performing large-scale investments.

Rickmers Group, one of the largest shipping companies in Germany, has concluded a comprehensive agreement with its banks concerning general refinancing of debt for EUR 1.28 billion, says Rickmers in a statement on its website.

As part of the deal, Rickmers Group has extended the maturity of existing loans, in relation to a bond loan issued in 2013, by another three years, now maturing in 2018. The group has also reduced its number of banks from 12 before to now seven, according to the statement.

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