Norwegian Car Carriers (NOCC) has signed an agreement with an unnamed shipping company to buy a pair of 6,500 car equivalent units (CEU) car carriers for $74m.

NOCC expects to close the transaction for the two vessels built in 1998 and 1999 in late March 2012.

The company plans to fund the transaction through a mix of debt and equity, as so far NOCC received a debt financing commitment worth $60m with the remaining money to be financed with equity.

According to the company the fulfillment of the acquisition of the 1998 built vessel is dependent on completion of the planned private placement.

Upon acquisition both the vessels will be on a long term time charter to one of the unnamed car carrier operators until 2018 and 2019 for the 1999 built and 1998 built vessels respectively.

The company expects the two vessels to generate an EBITDA of about $9.9m in 2012, $12.6m in 2013 and $11.7m in 2014.

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For the 1999 built vessel, the charterer has a purchase option in May 2015, while the purchase is expected to have a positive effect on the company’s earnings and cash flow. Klaveness Ship Investments, a subsidiary of Klaveness Marine Holding, has pre-subscribed for NOK80m ($13m) of the private placement, following that it will have an ownership share in the company of about 24%.

The net proceeds from the private placement will be used to fund the equity portion of the two car carriers and for general corporate purposes. NOCC has a fleet of 12 vessels, used for the transportation of cars and other rolling cargoes, and has ordered an additional one car carrier new-build for delivery in 2012.