New York-listed Navigator Holdings has lined up $300m in fresh financing to clear out existing debt maturities.
The Mads Peter Zacho-led company said its subsidiaries Navigator Gas and Othello Shipping have struck a deal with a consortium of lenders comprising Nordea Bank, Danish Ship Finance, Danske Bank, DNB UK, ING Bank London branch and Skandinaviska Enskilda Banken for a term loan and revolving credit, secured by eight vessels.
The loan will be used to repay Navigator’s existing five-year secured loan of $143.4m due to mature in September 2025 and another loan due to mature in May 2027 in the outstanding amount of $14.7m.
The remaining part will be available for general corporate and working capital purposes, Navigator said.
The loan matures in 2031, bearing interest on a quarterly basis at SOFR plus 170 basis points.
“The signing of the facility agreement is a key milestone for Navigator Gas in 2025 and continues to underscore our commitment to build on our strong financial footing while significantly pushing out our debt maturities, said Navigator chief executive Zacho, adding: “Against the backdrop of current global economic uncertainty, we believe the signing of the facility agreement at a record low margin for the Company also demonstrates the confidence shown in Navigator Gas by our banking partners.”
The world’s top player in the handysize LPG carrier segment has a fleet of nearly 60 semi- or fully-refrigerated liquefied gas carriers, of which close to half are ethylene and ethane capable.
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