China Construction Bank contributes to $200 million revolving credit facility to Norden as working capital

Project narrative

In 2010, China Construction Bank (CCB), along with BNP Paribas, contributed an estimated $100 million to a $200 million revolving credit facility to Dampskibsselskabet Norden A/S (Norden) as working capital, in order to provide to company with "added flexibility to pursue any of the attractive investment opportunities that may arise in volatile markets" {Norden 2009 Annual Report}. The facility had a maturity of ten (10) years and an unknown interest rate, although the rate was reported as less than 4% including margin. The loan was insured by a Sinosure credit insurance policy and secured by 7 newbuild vessels constructed in Chinese shipyards. Norden refrained from drawing on the facility in 2010. Then, Norden drew down $87 million in the second quarter of 2011 and a further $75 million by the end of that year for a total of $162 million.