L.G.R. di Navigazione Secures Refinancing Deal

L.G.R. di Navigazione Naples-based shipping company L.G.R. di Navigazione has reached an agreement for a USD 28.8 million loan facility, secured by mortgages over two of its medium range ice class tankers. The financing, which was agreed with Italian bank Banca Popolare di Milano S.p.A., is secured by, inter alia, mortgages over the companys vessels Cenito and Posillipo, according to the international law firm Watson Farley & Williams (WFW), which acted as adviser to the bank. It is understood that the loan facility would be used for refinancing purposes. The parties did not unveil any further details of the agreement. L.G.R. di Navigazione operates a fleet which currently comprises four vessels. Besides the chemical tankers Cenito and Posillipo, the company also operated the tankers Nisida and Miseno.