US-listed handysize liquefied gas carrier owner and operator Navigator Holdings has revealed that Navigator Atlas L.L.C., Navigator Aurora L.L.C., Navigator Europa L.L.C., Navigator Oberon L.L.C., and Navigator Triton L.L.C. have entered into a secured term loan and revolving credit facility on August 9 with Credit Agricole Corporate and Investment Bank, ING Bank N.V., and Skandinaviska Enskilda Banken AB (PUBL).
The New York-listed company has announced entry into a $147.6m secured term loan and revolving credit facility to refinance the company’s existing March 2019 secured loan facility, and to fund the repurchase of the Navigator Aurora pursuant to the company’s existing October 2019 sale and leaseback arrangement.
The owner said the facility is also for general corporate and working capital purposes.
The loan is available to the company in two tranches. The first, in the amount of up to $100.8m will be used to repay the company’s existing March 2019 secured loan facility not later than August 31 in the outstanding amount of $58.9m, and be available for general corporate and working capital purposes.
The second, in the amount of up to $46.8m is available to fund the repurchase of Navigator Aurora not later than October 31 in the amount of $44.8m, and be available for general corporate and working capital purposes.
The gas carrier owner said the agreement will mature in August 2030 and amounts outstanding will bear interest on a quarterly basis at SOFR plus 190 basis points, which margin includes a sustainability-linked adjustment relating to fleet environmental criteria.
The facility agreement is secured by up to five of the company’s vessels. Obligations under the agreement are guaranteed by Navigator Gas L.L.C. and the company.
Mads Peter Zacho, chief executive officer of Navigator Gas, said: “This new facility underscores our commitment to improving our already strong financial footing with significant cost savings while enhancing our operational flexibility.
“The sustainability-linked adjustment in the facility agreement reflects our ongoing efforts to meet environmental standards, which includes reducing emissions and improving fuel efficiency across our fleet.”
