StealthGas announced today the receipt of commitment letters for two senior secured credit facilities to fund the four 22,000 cbm semi-ref vessels scheduled to be delivered in 2017.
These facilities, which combined amount to about $140 million, will cover approximately 65% of the vessels’ contract prices, or up to 70% of the contract prices based on the employment status of the vessels upon drawdown. The credit facilities, which remain subject to definitive documentation, will each consist of two tranches, having maturities of eight years after delivery of the respective vessels. With these credit commitments, the Company now has a fully funded orderbook.
MICHAEL JOLLIFFE, CHAIRMAN of StealthGas, commented:
We are very pleased to announce the commitment of these credit facilities which were selected by our Company after careful examination of several loan offers from various lenders. We are confident that we chose the most competitive ones despite tight credit market conditions and therefore secured the financing of our remaining orderbook in the most efficient way. Now with a fully funded orderbook, our focus is to continue with the successful delivery of our remaining eco newbuidlings so as to maximize returns for our investors.