Mitsui O.S.K. Lines on Friday said it has secured a 100 billion Japanese Yen (approximately Us$987 million) hybrid loan as part of the restructuring of its financial base.
The company said it will use the funds to invest in its growth and enhance the company’s earnings base to boost its business competitiveness, in addition to raising funds for vessel-related facilities, mainly in the LNG carrier and offshore businesses.
MOL noted that, as credit rating agencies are expected to recognize the Hybrid Loan as an equity credit characteristics similar to equity instruments, this allows MOL to effectively strengthen its financial position while avoiding equity dilution.
The hybrid loan matures on October 7, 2076, MOL said.
1 JPY = 0.00986951 USD