The term loan has been taken by the APL (Bermuda) business unit, and is guaranteed by the parent company. The funding was arranged by Sumitomo Mitsui Banking Corp.
In 2009, NOL secured more than $1 billion through a rights issue to existing shareholders, with the issue oversubscribed. NOL in February announced a net loss of $741 million in 2009.
According to the maritime news service Alphaliner, APL has 15 ships on order, and their capacity represents more than 20 percent of the line's current capacity. APL is the fourth largest container line in the world by vessel capacity.
