Singapore-based shipbuilder Triyards Holdings Limited has entered into an exclusivity and short-term loan agreement with Ferrell Vanguard Fund SPC.
Under the deal, the Ferrell Vanguard would provide the shipbuilder with a loan of up to USD 5 million to meet working capital needs including outstanding salary payments in Singapore and Vietnam.
The loan has a tenor of 180 days and carries an interest of 4% per annum.
The first tranche of USD 1.2 million is to be disbursed immediately to settle outstanding salary payments of the company’s wholly owned subsidiaries based in Vietnam, while USD 3.8 million is expected to be disbursed by February 20, 2018.
Furthermore, Ferrell Vanguard may invest not less than USD 50 million into Triyards Holdings whether by way of loan, subscription of shares or other means.