Florens Container upsizes loan to $90 million

The margin on the loan is almost a third cheaper than that paid by Florens on its six-year loan tapped in March 2001.

Florens Container Inc, the wholly-owned subsidiary of Hong Kong-listed Cosco Pacific, has upsized its five-and-a-half-year loan for $74 million, tapping fully the over-subscription amount of $90 million. ING Bank and Rabobank are the mandated coordinating arrangers for the facility, which will be signed on July 12. The facility comprises of two tranches tranche A for $44 million and tranche B for $46 million.

The facility pays a margin of 72.5bp and has an average life of 4.2 years with the...

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