Fairstar Heavy Transport (FAIR) has secured a $167m loan from DNB Nor, ING and HSH Nordbank which will be used to repay its existing debt from HSH Nordbank and ABN AMRO.

The loan will also be used to fund the final payments due for the construction of the 50,000dwt semi-submersible vessel FORTE.

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The bank facility will also be used for issuing performance bonds required for the company’s backlog of ‘Red Box’ transportation contracts.

The company has also received an agreement with more than two thirds of its bondholders in its NOK300m unsecured bond to improve the current bond agreement so it is not in breach of any bond loan covenants.

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