BW LPG announced that it has signed a USD 150 million 5-year Senior Secured Term Loan Agreement to refinance its existing USD150 million revolving credit facility maturing in March 2018.
The re-financing has been raised from ING Bank, a branch of ING-DiBa AG, Danish Ship Finance A/S, Development Bank of Japan Inc, Oversea-Chinese Banking Corporation Limited and Societe Generale as Mandated Lead Arrangers and Lenders. ING Bank N.V., Singapore branch, acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.7%, with an 8-year amortization profile.
BW LPG Chief Executive Officer, Martin Ackermann, commenting on the transaction, said, “We are extremely pleased with the strong support we have received from our existing lenders and have added new lenders to our banking group with this financing. Successfully refinancing our revolving credit facility demonstrates the ability of the BW LPG platform to obtain market-leading financing. With this new facility in place, we have enhanced our financial flexibility and continue to keep our financing costs low.”