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The Company has signed term sheets or agreed main terms for a series of bank loans and sale leasebacks to refinance certain of its outstanding secured indebtedness. These transactions, if consummated, would be expected to raise $334 million in aggregate of new liquidity after the repayment of the existing secured debt related to these vessels. The Company expects to make detailed announcements for the individual transactions in the coming weeks.
The terms and conditions of the credit facilities and lease financing arrangements, including covenants, pricing, and advance rates, are similar to those in the Company's existing credit facilities and lease financing arrangements. These new credit facilities and lease financing arrangements are subject to credit approval, customary conditions precedent and the execution of definitive documentation
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