COSCO Pacific Secures a 6-year Club Term Loan of US$440 million Facility

COSCO Pacific Limited (“COSCO Pacific”) is pleased to announce that it has secured a 6-year club term loan facility of US$440 million (the "Facility") from a consortium of 4 leading international financial institutions. The Facility will be used for working capital purposes and general corporate funding requirements.

The Facility represents a strong endorsement of COSCO Pacific’s development strategy and solid financials from the banking industry with an all-in interest rate of LIBOR plus 0.75% per annum, which is considerably lower than our average borrowing cost in FY07. The Facility will be repaid in 10 progressive installments commencing 18 months after the loan agreement, with 80% of the repayment due in the final two years of the Facility.