Irish Continental Group PLC (ICG) announces that it has concluded an additional financing facility with the European Investment Bank (EIB).
This additional facility comprises a committed 80 million drawing limit and is available for drawing during July 2018. Repayments are on an amortising basis over a 12-year term. The interest rate applicable to the facility has been fixed at 1.616% per annum.
The facility will be used to finance the construction of the second new vessel for ICGs Irish Ferries operations announced in January and which is due for delivery during 2020. This vessel when delivered will be the largest cruise ferry in the world in terms of vehicle capacity and provide the group with an effective 50% increase in peak freight capacity.
The above facility is in addition to the suite of financing agreements announced in December 2017 comprising;
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 & Continental Europe that is a vital part of the continued success of Irelands open economy.
19 June 2018
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