In January 2016, PCP provided a senior secured term loan to the owner of an Incat built 112 meter high speed catamaran; KatExpress II. The new PCP loan refinanced the owner’s current debt facilities and provided additional capital that enabled the owner to sign a contract for the construction of a new sister ship, KatExpress III, which will also be constructed by the Tasmanian yard, Incat. In addition to the new loan for KatExpress II, PCP has also committed further facilities to the owner to assist in the construction of KatExpress III, as well as the provision of a term loan to refinance this construction facility on delivery of the vessel. KatExpress II is already on long term charter to Mols-Linien AS of Denmark, and KatExpress III will join its sister ship on a similar charter basis to Mols-Linien once completed in March 2017.
In 2014, PCP refinanced KatExpress I, chartered to Mols-Linien. The new facilities highlight PCPs’ view that high speed catamarans built by Incat provide a strong value proposition for ferry operators, as well as commuters and transportation companies globally, thanks to their fuel efficiency, speed and comfort. In addition, the investments in KatExpress I, II and III are in line with our ambition to act as a long-term financial partner to family owned businesses, such as Incat.
Each of KatExpress I, II and III are, and will be, operated by the highly respected Danish ferry operator Mols-Linien, serving the route Odden – Aarhus, with each vessel able to transport more than 400 cars and 1,000 passengers per crossing. These vessels, under the control of Mols Linien, hence play an important role for the infrastructure and transportation needs of the Danish public between Aarhus and Copenhagen.