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Tallink Borrows €440 Million to Cover Old Loans
Passenger ferry company Tallink announced a new loan of 440 million euros to refinance previous loans.
The loan will be underwritten by seven banks, headed by Nordea, said Tallink in an announcement today.
Tallink will use the loan to repay four previous loans, including the company's biggest loan, which was used for the acquisition of Finnish passenger ferry company Silja Line in 2006.
As the result of the refinancing, annual repayments will decrease while the company's overall financial flexibility will increase, according to Tallink. Interest costs will not change significantly.