Overview

CDB provides $90 million loan to Seaspan Corporation to re-finance four 4250 TEU containerships

Commitments (Constant USD, 2023)$94,157,854

Commitment Year•2015Country of Activity•Marshall IslandsDirect Recipient Country of Incorporation•Marshall IslandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 9, 2015

Start (actual): Dec 9, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Seaspan Corporation

Loan description

CDB provides $90 million loan to Seaspan Corporation to re-finance four 4250 TEU containerships

Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

On December 9, 2015, China Development Bank entered into a $90,000,000 term loan facility agreement with Seaspan Corporation to re-finance four 4250 TEU containerships. Payment of the loan is due on the first and third anniversary of its drawdown date. The loan bears interest at LIBOR plus an unknown margin.

Staff comments

1. 6 month LIBOR in December 2015 was equal to 0.764%.