In September 2018, Fleetscape completed its first lending investment by providing a $20 million HoldCo loan to a newly created ship owning platform, which was set up by an established German shipping company. The five-year bullet loan, which includes a partial PIK interest option for the borrower, complements sponsor equity and vessel specific senior loans to fund the acquisition of three vessels through a restructuring transaction with a German bank.
The platform’s initial fleet comprises five handysize container vessels with an average age of six years. The vessels are operated in the timecharter market and are technically managed by the borrower.