The Commonwealth Utilities Corporation of the Northern Marianas has received a 3.5-million US dollar loan from Marianas Public Land Trust to pay for emergency power and settle debts with its contractors.
About $1.5 million of the money was immediately deposited into the account of the Scotland-based Aggreko International, which CUC had hired to provide up to 15 megawatts of temporary power to Saipan.
CUC will use the balance to pay debts to contractors: $1.1 million to Pacific Marine Industrial Corp. and $800,000 to Telesource CNMI.
Under the terms of the loan, the corporation will pay 7 percent interest in monthly increments of about $20,000.
At the end of three years, CUC will repay the $3.5 million principal.