The Board of Directors (the “Board”) of FSL Trust Management Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of First Ship Lease Trust (“FSL Trust” or the “Trust”), announces that it has accepted an offer from a reputable Taiwanese financial institution for the refinancing (the “New Loan”) of the five product tankers Cumbrian Fisher, Clyde Fisher, Shannon Fisher, Solway Fisher, Seniority and Superiority (the “Vessels”). Subject to definitive documentation being entered into between the parties, the Trust, through five fully-owned subsidiaries, will receive an aggregate amount of US$ 15.0 million under the New Loan. The New Loan will have a maturity of 5 years from the date of drawdown.
The Vessels currently secure an existing loan which shall be repaid in full.