Bermuda-based Flex LNG Ltd shipowner has finalised $430m of new financings. The financing round has been completed according to plan with net proceeds of about $97m.
Chief financial officer, Knut Traaholt of Flex LNG Management AS, said: “We are pleased to have completed another round of refinancings at very attractive terms.”
The New York-listed owner also welcomed a new international shipping bank to its banking group.
On September 24, Flex LNG completed the new $270m bank facility financing for the 2020-built Flex Aurora and 2018-built Flex Ranger, whilst the previous $375m bank facility was repaid in full. Consequently, the 2018-built vessel Flex Endeavour was unencumbered at end of the third quarter of 2024, according to Flex LNG release.
On Thursday October 3 the company also closed the new $160m JOLCO lease for the vessel Flex Endeavour at “very attractive terms,” as the shipowner claims.
Finance chief Knut Traaholt added: “We are grateful for the trust and strong support from our banks and lease providers which have resulted in a very attractive funding platform for Flex LNG. Our financial strength together with the substantial charter backlog provide us with significant commercial and financial flexibility to further develop the company.”
Flex LNG, with thirteen LNG carriers on the water, had on June 30 a cash balance of $370m, and believes that with the completion of these refinancings, the company will add to an already substantial cash balance.
