company, said four banks arranged a $944 million loan to finance Osprey's purchase of Bermuda-based Gotaas-Larsen Shipping Corp.

The syndicated debt facility was arranged by Den norske Bank ASA, Banque Indosuez, Christiania Bank & Kreditcasse ASA and Credit Suisse First Boston.

The funds will also be used to repay some of Osprey's loans.

Two week ago, Osprey said it will buy Gotaas-Larsen for $750 million in cash and stock. The acquisition will give Osprey more types of vessels for transporting liquefied natural gas (LNG) and other energy products.

After the transaction, Osprey will own 30 vessels and manage 6 LNG carriers.

The combined company will have $606 million in orders through 2006 -- $241 million from Gotaas-Larsen and $365 million from Osprey.

Osprey rose 7 cents to S$2.30 ($1.61).