Aker Philadelphia Shipyard Secures Funding From Caterpillar

Aker Philadelphia Shipyard Inc. entered a loan accord with Caterpillar Financial Services Corp. for a construction loan facility and contingent floorplan loan facility totaling $80 million.

Caterpillar will fund as much as $40 million per ship toward the construction cost of two product tankers being built for the shipyard’s own account.

To contact the editor responsible for this story: Meera Bhatia at mbhatia2@bloomberg.net