Epic Gas Ltd. closes USD 90 million refinancing

Epic-Gas

Epic Gas announced that it has completed the refinancing of 14 LPG carriers in partnership with ABN AMRO Bank N.V. as Coordinator, Agent and Bookrunning Mandated Lead Arranger, DVB Bank SE Singapore Branch as Bookrunning Mandated Lead Arranger and Norddeutsche Landesbank as Lead Arranger.

The new USD 90 million facility has an advance rate of 55% of the fair market value of the underlying vessels and matures in 2024.

Proceeds from the facility were used to repay amounts outstanding under the Company’s existing facilities with DVB Bank and Norddeutsche Landesbank expiring in December 2017 and 2019/2020, respectively.

With completion of the Refinancing, the Company has no refinancing requirements until 2019.

LEAVE A COMMENT

×

Comments are closed.