Epic Gas Secures Financing for 7 LPG Newbuildings

Owner and operator of pressurized gas carriers Epic Gas Ltd. has closed USD 50 million private placement and syndication of USD 120 million credit facility.

The company said that it would use the net proceeds from the transaction to partly finance the construction of 7 pressurized LPG carriers under construction at shipbuilding yards in Japan.

The company’s outstanding new building program consists of three 7,500 cbm vessels and four 11,000 cbm vessels, plus an additional 11,000cbm new building to be delivered under a bareboat charter to Epic Gas.

The 22.2 million primary shares issued in the USD 50 million private placement are registered with the Norwegian Securities Depository. Following the transaction, the company has 51.9 million shares outstanding.  

Epic Gas has mandated ABN AMRO Bank N.V. to serve as lead arranger and coordinator for up to USD 120 million in post-delivery senior secured financing for the 7 vessels under construction.

The company said it expects the financing to be completed during the third calendar quarter of 2015.

The company controls a fleet of 45 vessels, out of which 37 pressurized LPG carriers on the water with an average size and age of 5,608cbm and 8 years, respectively.

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