BW LPG Secures USD 400 Mln Loan for Its VLGC Newbuilds

Very Large Gas Carrier (VLGC) owner BW LPG has signed an agreement for a debt facility worth up to USD 400 million for financing seven of its VLGC newbuildings.

The loan comprises an ECA tranche of up to USD 268 million, representing approximately 67% of the facility amount, and a commercial tranche of up to USD 133 million, split equally between the two commercial lenders, representing approximately 33% of the facility amount.

The financing has been raised from the Export-Import Bank of Korea (KEXIM) as export credit agency (ECA) lender,  DNB Asia Limited and Skandinaviska Enskilda Banken AB (Publ), Singapore Branch, (SEB) as mandated lead arrangers and commercial lenders.

DNB and HSBC Bank Plc. (HSBC) acted as ECA structuring advisors with HSBC also acting as ECA coordinator, the company said in a filling with Oslo Stock Exchange.

“This facility, we believe, is a market leading financing in terms of pricing, tenor and structure and reflects the strong continued support that the company enjoys from its banks and the lending community. This facility is a culmination of a substantial effort from our team and also the Banks and financial institutions involved, to all of whom we would like to express our sincere gratitude,” said Vijay Kamath, BW LPG Chief Financial Officer.

The company  said that it expects to close the first drawdown under the transaction in February.

Share this article

Follow World Maritime News

Posted on February 17, 2015 with tags , .

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >