Cosco arm in new financing exercise

Florens Container, Cosco Pacific's container-leasing arm, launched an US$80-million revolving credit and term loan facility in its latest financing exercise.

Cosco Pacific is the listed flagship of China Ocean Shipping, which is Asia's largest container company and the world's No 6 container-leasing company.

The facility has an average life of 3.5 years and is available as revolving credit a year from the signing and for another year subject to lenders' consent.

It is available as a term loan at the end of the revolving period.

The margin is 120 basis points over London inter-bank offered rate.

The deal will help finance the borrower's purchase of new marine containers.