Navigator Gas Announces Entry Into $147.6 Million Secured Term Loan and Revolving Credit Facility
12 August 2024 - 10:00PM
Navigator Holdings Ltd. (described herein as “Navigator Gas” or the
“Company”) (NYSE: NVGS), the owner and operator of the world’s
largest fleet of handysize liquefied gas carriers, announced today
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.
(the “Borrowers”) has entered into a secured term loan and
revolving credit facility dated August 9, 2024 (the “Facility
Agreement”), with Credit Agricole Corporate and Investment Bank,
ING Bank N.V., and Skandinaviska Enskilda Banken AB (PUBL),
pursuant to which such lenders made available to the Borrowers, up
to a maximum amount of $147.6 million, subject to the terms and
conditions set out in the Facility Agreement, to refinance the
Company’s existing March 2019 secured loan facility, to fund the
repurchase of the Navigator Aurora pursuant to the Company’s
existing October 2019 sale and leaseback arrangement, and 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 $100.8 million will be
used to repay the Company’s existing March 2019 secured loan
facility not later than August 31, 2024 in the outstanding amount
of $58.9 million, and thereafter be available for general corporate
and working capital purposes; the second, in the amount of up to
$46.8 million is available to fund the repurchase of Navigator
Aurora not later than October 31, 2024 in the amount of $44.8
million, and thereafter be available for general corporate and
working capital purposes.
The Facility 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 Facility Agreement are
guaranteed by Navigator Gas L.L.C. and the Company. The Facility
Agreement contains certain conditions, covenants and events of
default.
Mads Peter Zacho, Chief Executive
Officer, commented:
“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.”
About Navigator GasNavigator
Holdings Ltd. (described herein as “Navigator Gas” or the
“Company”) is the owner and operator of the world’s largest fleet
of handysize liquefied gas carriers and a global leader in the
seaborne transportation services of petrochemical gases, such as
ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia
and owns a 50% share, through a joint venture, in an ethylene
export marine terminal at Morgan’s Point, Texas on the Houston Ship
Channel, USA. Navigator Gas’ fleet consists of 56 semi- or
fully-refrigerated liquefied gas carriers, 25 of which are ethylene
and ethane capable. The Company plays a vital role in the liquefied
gas supply chain for energy companies, industrial consumers and
commodity traders, with its sophisticated vessels providing an
efficient and reliable ‘floating pipeline’ between the parties,
connecting the world today, creating a sustainable tomorrow.
Navigator Gas’ common stock trades on the New
York Stock Exchange under the symbol “NVGS”.
Navigator Gas
Attention: |
Investor
Relations investorrelations@navigatorgas.com
and randy.giveans@navigatorgas.com |
Address: |
333 Clay Street, Suite 2480, Houston, Texas, U.S.A. 77002 |
Tel: |
+1 713 373 6197 and +44 (0)20 7340 4850 |
|
|
Investor Relations / Media AdvisorsNicolas Bornozis / Paul
LampoutisCapital Link – New YorkTel: +1-212-661-7566Email:
navigatorgas@capitallink.com
Forward looking statementsThis
press release contains certain “forward-looking” statements (as
defined by the Securities and Exchange Commission) concerning plans
and objectives of management for future operations or economic
performance, or assumptions related thereto. In addition, we and
our representatives may from time to time make other oral or
written statements that are also forward-looking statements. In
some cases, you can identify the forward-looking statements by the
use of words such as “may,” “could,” “should,” “will,” “would,”
“expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,”
“estimate,” “predict,” “propose,” “potential,” “continue,”
“scheduled,” or the negative of these terms or other comparable
terminology.
These forward-looking statements involve many
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements.
These risks and uncertainties include but are not limited to those
set forth in the periodic reports Navigator files with the U.S.
Securities and Exchange Commission.
All forward-looking statements included in this
press release are made only as of the date of this press release.
New factors emerge from time to time, and it is not possible for us
to predict all of these factors. Further, we cannot assess the
impact of each such factor on our business or the extent to which
any factor, or combination of factors, may cause actual results to
be materially different from those contained in any forward-looking
statement. We expressly disclaim any obligation to update or revise
any forward-looking statements, whether because of future events,
new information, a change in our views or expectations, or
otherwise. We make no prediction or statement about the performance
of our common stock.
Category: Financial
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