Mermaid Maritime DU4 has announced that its wholly-owned subsidiary Mermaid Subsea Services (Thailand) has entered into a loan facility agreement of up to US$5.95 million ($7.95 million) with the Export-Import Bank of Thailand on Dec 4.
The proceeds from the loan facility will be towards the reimbursement of the company’s equity used for the acquisition of one of its vessels.
The agreement contains a condition in which a mandatory default prepayment shall occur if Thoresen Thai Agencies holds less than 52% of the total issued share capital of Mermaid Maritime.
In such an event, the aggregate level of facilities that may be affected is approximately US$30.8 million, of which US$21.9 million has been drawn and remains outstanding as at Dec 4.
Thoresen has been a strategic shareholder of Mermaid Maritime since 1995 and became the company’s majority shareholder in 2005.
Shares in Mermaid Maritime closed 0.1 cents higher or 1.12% up at 9 cents on Dec 4.
