Owner and operator of handysize liquefied gas carriers Navigator Gas has, together with Navigator Holdings Ltd, entered into a new financing agreement for an aggregate amount of up to USD 220 million.
Provided by ABN-AMRO, DVB Bank, Skandinaviska Enskilda Banken (SEB) and Nordea Bank, the financing would be used to refinance two existing loan facilities that are due to mature in April 2017 and to provide delivery financing of up to a maximum of 70% of the fair market value of the company’s final newbuilding, Navigator Jorf.
The agreement consists of a term loan, revolving credit and newbuilding term loan related to the partial financing of the delivery of the Navigator Jorf.
Navigator Gas said that the financing deal matures in seven years, bears interest at an annual rate of U.S. LIBOR plus a margin of 2.6% and will be secured by ten of the company’s vessels.
Navigator’s fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, including five newbuildings scheduled for delivery by the end of July 2017.