WL Ross, Others Put $1B into Diamond S Shipping

Investors including First Reserve Corp., WL Ross & Co., China Investment Corporation, Fairfax Financial Holdings, Morgan Creek Capital Management and PPM America Capital Partners are putting more than $600 million in equity into Diamond S Shipping, the company announced Monday. Additional debt funding will come from Nordea Bank Finland and DnB Nor Bank ASA. The money is being used to fund the acquisition of 30 medium-range refined product carriers to add to the company’s fleet of ten tankers under construction in Korean shipyards.

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