PSL - Ultratech

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The project consists of four existing specialized cement carriers and one bulk carrier on a long-term charter to Ultratech Cement Limited (“Ultratech”). The specialized, custom built cement carriers of 21,000 Dead Weight Tonnage (“DWT”) each are used to transport cement along the west coast of India and Sri Lanka. The dry bulk carrier of 56,000 DWT is used to transport various dry bulk commodities on international routes as per demand (collectively the five vessels are referred to as “Project Vessels”). Each Project Vessel is owned and operated under a special purpose company (all five special purpose companies are collectively called Project Companies).The four cement carriers to be financed by IFC are Apinya Naree (APY), Boonya Naree (BNY), Chanya Naree (CNY) and Danaya Naree (DNY). The fifth vessel is Apiradee Naree (APD), which is the bulk carrier. The Project Companies are wholly owned by Precious Shipping Public Company Limited (“PSL” or the “Company”). The proposed financing comprises: (i) a US$60 million senior secured loan to IFC’s own account and (ii) mobilization of up to US$25 million from parallel lenders and/or an IFC B loan to (a) refinance the existing loan of Project Companies; (b) partial prepayment of the debt at PSL level; and, (c) prefunding of debt service reserve account.