BC Ferries has secured a $108 million loan from a German bank to finance the purchase of the new Northern Expedition ferry.
The 12-year term loan with a subsidiary of German export credit bank KfW Bankengruppe bears annual interest of 2.95% and is a financing requirement for the purchase of the 150-metre ferry.
The Northern Expedition is scheduled to arrive in late January and will replace the Queen of Prince Rupert, which operates services the overnight route between Prince Rupert and the Queen Charlotte Islands.
News of the loan follows reports that BC Ferries has eliminated as many as three-dozen corporate positions, which included terminal managers and other executives based in Victoria.