Dorian LPG, a leading owner and operator of modern and ECO very large gas carriers, announced that its Board of Directors has declared a cash dividend of $1.00 per share of the Company’s common stock, returning over $40.1 million of capital to shareholders. The dividend is payable on or about January 25, 2022 to all shareholders of record as of the close of business on January 14, 2022.
The Company also announced today that on December 29, 2021 it completed the refinancing of its indebtedness secured by the Constellation and the Commander through a new loan facility led by Banc of America Leasing and Capital, Pacific Western Bank, Raymond James Bank, and City National Bank of Florida. The financing has a 3.78% fixed interest rate, a term of 5 years, and a face amount of $83.4 million. The Company received $33.9 million of cash proceeds after repayment of debt and fees and expenses related to the refinancing transaction.