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FINWIRES

Gulf Marine Services Converts $37.4 Million Bridge Loan

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Gulf Marine Services (GMS.L) said Tuesday it converted a $37.4 million bridge loan used to acquire a vessel into a five-year term loan.

The conversion was completed under the marine services company's existing syndicated lending arrangements with HSBC, First Abu Dhabi Bank and Commercial Bank of Dubai.

The company also secured an additional $7.5 million working capital facility from Commercial Bank of Dubai to support expansion into new markets. Gulf Marine Services can draw up to 40% of the facility in cash.

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