Aurora LPG Inks Loan for Final Newbuilding

Oslo-listed LPG tanker owner Aurora LPG Holding ASA has signed the term sheet for the financing of its sixth and final newbuild vessel under construction at South Korean shipbuilder Hyundai Heavy Industries, the company said in its financial report.

Furthermore, Aurora LPG secured the refinancing of its debt on three other vessels, namely, the 2008-built Aurora Taurus and Aurora Leo, and the 2009-built Aurora Capricorn.

A gross amount of USD 150 million was drawn down on credit facilitates with Credit Suisse, ABN AMRO and Kexim.

The term sheet for a USD 150 million four tranche facility was signed with ABN, NIBC and SEB at similar terms compared to the company’s newbuild facilities with Credit Suisse, ABN AMRO Bank N.V. (ABN) and Korea Eximbank (Kexim).

In January 2016, Aurora LPG concluded a USD 200 million loan facility with ABN and Kexim for four vessels which were under construction at HHI.

During the first quarter of the year Aurora LPG took delivery of three newbuilds, Aurora Balder, Aurora Njord and Aurora Var, and the company’s vessels recorded a slight decrease in time charter equivalent which was at USD 65,800 per vessel day, compared to USD 68,500 seen in the same period a year earlier.

“The time charter equivalent result is impacted by changes to the voyage and chartering portfolio, which positively impacted the quarter by slightly above USD 10,000 per vessel day,” the company said.

Aurora LPG’s net income for the period was USD 14.2 million, against the USD 13.9 million reported in the first quarter of 2015.

Over the past year, Singapore’s owner and operator of very large gas carriers BW LPG Limited purchased a total of 19.53 percent of Aurora’s outstanding shares.

The move follows BW LPG’s last year’s purchase round, which has made the company Aurora LPG’s biggest shareholder.

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