LONDON (ShareCast) - (Sharecast News) - Irish Continental Group has concluded an additional financing facility with the European Investment Bank, it announced on Tuesday.
The London-listed firm said the additional facility comprised a committed €80m drawing limit, and was available for drawing during July.

Repayments would be on an amortising basis over a 12-year term, with the interest rate applicable to the facility fixed at 1.616% per annum.

The company said the facility would be used to finance the construction of the second new vessel for ICG's Irish Ferries operations announced in January, and which was due for delivery during 2020.

That vessel, when delivered, would be the largest cruise ferry in the world in terms of vehicle capacity, providing the group with an effective 50% increase in peak freight capacity.

Irish Continental said the facility was in addition to the suite of financing agreements announced in December.

That facility comprised a 12-year amortising loan provided by the EIB consisting of a committed €75m drawing limit, now drawn at a fixed interest rate of 1.724% per annum and maturing during 2030.

It also included multicurrency private loan shelf agreements with Metropolitan Life Insurance Company and Pricoa Capital Group, comprising total uncommitted drawing limits of $275m and tenors of up to 15 years, whereunder one series of loan notes had been issued amounting to €50m on a seven-year bullet repayment term, maturing November 2024 with a fixed interest coupon of 1.4% per annum.

There was also a five-year multicurrency revolving credit facility provided by Allied Irish Banks and Bank of Ireland available to September 2022 and extendable by up to a further two years, comprising a committed €75m drawing limit together with an additional uncommitted limit of €50m, and an overdraft and guarantee facility of €16m provided by Allied Irish Banks renewable annually.

"This additional facility provided by EIB supports the groups long term infrastructural investment in our fleet which will enhance 'the bridge' from Ireland to the UK and continental Europe that is a vital part of the continued success of Ireland's open economy," the Irish Continental board said in its statement.

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