BOURBON : "US$1.5 Billion For The Sale And Bareboat Charter Of 51 Vessels With ICBC Financial Leasing"
PARIS, April 9, 2013 /PRNewswire/ --
Rolling out " TRANSFORMING FOR BEYOND"
BOURBON and ICBC Financial Leasing ( China) signed an operating lease
Framework agreement for up to US$1.5 billioncorresponding to the sale and bareboat charter back for 10 years of up to 51 vessels BOURBON is rolling out a transformation plan for its future growth. As part of its "TRANSFORMING FOR BEYOND" project, BOURBON has decided to sell vessels worth US$2.5 billion from its fleet and retain the vessels on bareboat charter for a period of 10 years. The terms of a first phase of the financial aspect of "TRANSFORMING FOR BEYOND" was signed off on April 9th with the Chinese company ICBC Financial Leasing for up to 51 supply vessels either in operation (24) or under construction (27 with delivery within 14 months) for a total of up to US$1.5 billion. The transaction will be closed within 2 months of its signing following completion of each party procedures. The main features of this operation are:
- the sale of vessels at market price with a vendor loan of a maximum of US$116 million;
- bareboat vessel lease at a fixed rate over 10 years of 10.66% of the sale price;
- right of first refusal in the event of ICBC Financial Leasing selling vessels during lease period.
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