Navigator Holdings Ltd. Announces Entry Into Secured Term Loan and Revolving Credit Facility ...
Navigator Holdings Ltd. (“Navigator” or “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announced today that, on December 7, 2022, Navigator Centauri L.L.C., Navigator Ceres L.L.C., Navigator Ceto L.L.C., Navigator Copernico L.L.C. and Navigator Umbrio L.L.C. (the “Borrowers”) entered into a secured term loan and revolving credit facility (the “Facility Agreement”), with Credit Agricole Corporate and Investment Bank and Deutsche Bank AG, pursuant to which such lenders made available to the Borrowers, a maximum amount of $111.81 million, subject to the terms and conditions set out in the Facility Agreement, to refinance the Company’s existing January 2015 secured loan facility and for general corporate purposes
LONDON and NEW YORK, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (“Navigator” or “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announced today that, on December 7, 2022, Navigator Centauri L.L.C., Navigator Ceres L.L.C., Navigator Ceto L.L.C., Navigator Copernico L.L.C. and Navigator Umbrio L.L.C. (the “Borrowers”) entered into a secured term loan and revolving credit facility (the “Facility Agreement”), with Credit Agricole Corporate and Investment Bank and Deutsche Bank AG, pursuant to which such lenders made available to the Borrowers, a maximum amount of $111.81 million, subject to the terms and conditions set out in the Facility Agreement, to refinance the Company’s existing January 2015 secured loan facility and for general corporate purposes.
The full loan amount of $111.81 million is scheduled to be drawn on December 12, 2022, and will be used to repay the Company’s existing January 2015 loan facility in the outstanding amount of $33.3 million and $78.5 million for general corporate purposes.
The Facility Agreement bears interest on a quarterly basis at SOFR plus 209 basis points. The amount of the Facility Agreement shall be reduced quarterly by $3.1 million, followed by a final balloon payment on December 7, 2028, of approximately $65.0 million. The Facility Agreement is secured by 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.
