| Deal Description | American Export Isbrandtsen Lines, Inc., planned to use the proceeds from the sale of the insured bonds to reimburse the company for, and otherwise finance, a portion of the company's share of the cost of constructing three new cellular containerships, each of which was to be delivered to the company and placed in service. The total cost of the three containerships was approximately $41.7 million. The cost to the company, net after construction-differential subsidy paid directly to the shipyard by the United States, was estimated to be $19.750 million and was to be financed by the sale of the insured bonds. |
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