SEA-Vista I LLC announced that it closed a new $300 million credit facility (the "Credit Facility") with a syndicate of lenders led by JPMorgan Chase.
The Credit Facility is comprised of three tranches: (i) a $100 million revolving credit facility; (ii) an $80 million term loan; and (iii) a $120 million delayed draw term loan. The Credit Facility will fund working capital needs, capital commitments under our vessel construction program, the repayment of our outstanding Title XI financing and future growth opportunities.
Eric Fabrikant, CEO of SEA-Vista, commented, "This new credit facility will support the growth and expansion of the Company. We appreciate the strong support shown by our lending syndicate, which we believe reflects the strength of our platform and commitment to the business."