Aurora LPG Nets USD 200m Loan for Its Newbuildings

Oslo-listed Aurora LPG Holding ASA has concluded a USD 200 million loan facility with ABN AMRO Bank N.V. (ABN) and Korea Eximbank (Kexim).

The loan has been secured for four vessels under construction at South Korean shipbuilder Hyundai Heavy Industries, the Norwegian LPG tanker owner said.

“With this loan the company is pleased to announce that the first five of the six newbuild vessels have secured delivery financing,” Aurora added.

As disclosed, the construction of the vessels is on plan and budget.

Aurora LPG owns three 82,000 cbm VLGCs and six 84,000 cbm newbuilds scheduled for delivery from HHI in 2016.

Over the past year, Singapore’s BW LPG was busy with buying stake in Aurora, and the most recent round saw BW LPG acquire 852,800 of Aurora’s shares, representing 2.87% of the outstanding shares in the company.

As a result of the transaction, BW LPG now holds a total of 4.4 million shares in Aurora LPG, representing 15% of the outstanding shares in the company.

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