Flex LNG finalize $430 million in new financings
Flex LNG (NYSE: FLNG) (OSE: FLNG) has successfully completed $430 million in new financings as announced in their Q2-2024 report. The company finalized a $270 million bank facility for Flex Aurora and Flex Ranger on September 24, 2024, repaying a previous $375 million facility. This left Flex Endeavour unencumbered at the end of Q3-2024. On October 3, 2024, Flex LNG closed a $160 million JOLCO lease for Flex Endeavour at favorable terms.
With a cash balance of $370 million as of June 30, 2024, these refinancings will further enhance the company's substantial cash position. CFO Knut Traaholt emphasized the attractive terms of the refinancings and expressed gratitude for the support from banks and lease providers. Flex LNG's fleet consists of thirteen state-of-the-art LNG carriers with modern two-stroke propulsion, offering improved fuel efficiency and reduced carbon footprint.
Flex LNG (NYSE: FLNG) (OSE: FLNG) ha completato con successo 430 milioni di dollari in nuovi finanziamenti, come annunciato nel loro rapporto Q2-2024. L'azienda ha finalizzato una linea di credito bancaria da 270 milioni di dollari per Flex Aurora e Flex Ranger il 24 settembre 2024, rimborsando una precedente linea di credito da 375 milioni di dollari. Questo ha lasciato Flex Endeavour non gravata a fine Q3-2024. Il 3 ottobre 2024, Flex LNG ha concluso un contratto di leasing JOLCO da 160 milioni di dollari per Flex Endeavour a condizioni favorevoli.
Con un saldo di cassa di 370 milioni di dollari al 30 giugno 2024, questi rifinanziamenti miglioreranno ulteriormente la sostanziale posizione di liquidità dell'azienda. Il CFO Knut Traaholt ha sottolineato le condizioni vantaggiose dei rifinanziamenti ed ha espresso gratitudine per il supporto da parte delle banche e dei fornitori di leasing. La flotta di Flex LNG è composta da tredici moderni gasieri di LNG con propulsione a doppio ciclo, che offrono un miglioramento dell'efficienza carburante e una riduzione dell'impronta di carbonio.
Flex LNG (NYSE: FLNG) (OSE: FLNG) ha completado con éxito 430 millones de dólares en nuevos financiamientos, como se anunció en su informe del segundo trimestre de 2024. La compañía finalizó un facilidad bancaria de 270 millones de dólares para Flex Aurora y Flex Ranger el 24 de septiembre de 2024, reembolsando una facilidad previa de 375 millones de dólares. Esto dejó a Flex Endeavour sin gravámenes al final del tercer trimestre de 2024. El 3 de octubre de 2024, Flex LNG cerró un arrendamiento JOLCO de 160 millones de dólares para Flex Endeavour en condiciones favorables.
Con un saldo de efectivo de 370 millones de dólares al 30 de junio de 2024, estos refinanciamientos mejorarán aún más la sustancial posición de liquidez de la empresa. El CFO Knut Traaholt enfatizó las condiciones atractivas de los refinanciamientos y expresó su gratitud por el apoyo de los bancos y los proveedores de arrendamiento. La flota de Flex LNG consta de trece modernos transportes de GNL con propulsión de dos tiempos, lo que proporciona una mejor eficiencia de combustible y una menor huella de carbono.
Flex LNG (NYSE: FLNG) (OSE: FLNG)는 Q2-2024 보고서에서 발표된 바와 같이 4억 3천만 달러의 신규 자금 조달을 성공적으로 완료했습니다. 회사는 2024년 9월 24일 Flex Aurora와 Flex Ranger를 위해 2억 7천만 달러의 은행 대출을 마무리하여, 이전에 3억 7천5백만 달러의 대출을 상환했습니다. 이를 통해 2024년 3분기 말에 Flex Endeavour는 자유로운 상태로 남게 되었습니다. 2024년 10월 3일, Flex LNG는 Flex Endeavour를 위한 1억 6천만 달러의 JOLCO 임대를 유리한 조건으로 체결했습니다.
2024년 6월 30일 기준으로 현금 잔고가 3억 7천만 달러인 이 자금 조달은 회사의 상당한 현금 위치를 더욱 강화할 것입니다. CFO Knut Traaholt는 재정 조달의 매력적인 조건을 강조하고, 은행과 임대 제공업체의 지원에 감사의 마음을 표했습니다. Flex LNG의 함대는 현대적 두 행정 추진을 갖춘 13척의 최첨단 LNG 운반선으로 구성되어 있으며, 연료 효율성을 개선하고 탄소 발자국을 줄입니다.
Flex LNG (NYSE: FLNG) (OSE: FLNG) a réussi à finaliser 430 millions de dollars de nouveaux financements, comme annoncé dans son rapport du deuxième trimestre 2024. L'entreprise a finalisé une ligne de crédit bancaire de 270 millions de dollars pour Flex Aurora et Flex Ranger le 24 septembre 2024, remboursant une facilité précédente de 375 millions de dollars. Cela a laissé Flex Endeavour libre de toute charge à la fin du troisième trimestre 2024. Le 3 octobre 2024, Flex LNG a conclu un bail JOLCO de 160 millions de dollars pour Flex Endeavour à des conditions avantageuses.
Avec un solde de trésorerie de 370 millions de dollars au 30 juin 2024, ces refinancements renforceront davantage la position de liquidité substantielle de l'entreprise. Le CFO Knut Traaholt a souligné les conditions attractives des refinancements et a exprimé sa gratitude pour le soutien des banques et des fournisseurs de baux. La flotte de Flex LNG se compose de treize méthaniers de LNG à la pointe de la technologie, dotés d'une propulsion à deux temps moderne, offrant ainsi une amélioration de l'efficacité énergétique et une réduction de l'empreinte carbone.
Flex LNG (NYSE: FLNG) (OSE: FLNG) hat erfolgreich 430 Millionen Dollar an neuen Finanzierungen abgeschlossen, wie im Bericht Q2-2024 angekündigt. Das Unternehmen schloss am 24. September 2024 eine 270 Millionen Dollar Bankfazilität für Flex Aurora und Flex Ranger ab und tilgte eine vorherige Fazilität von 375 Millionen Dollar. Dies ließ Flex Endeavour am Ende des Q3-2024 unbelastet. Am 3. Oktober 2024 schloss Flex LNG einen 160 Millionen Dollar JOLCO-Leasingvertrag für Flex Endeavour zu günstigen Bedingungen ab.
Mit einem Barguthaben von 370 Millionen Dollar zum 30. Juni 2024 werden diese Refinanzierungen die beträchtliche Cash-Position des Unternehmens weiter verbessern. CFO Knut Traaholt betonte die attraktiven Bedingungen der Refinanzierungen und drückte seine Dankbarkeit für die Unterstützung von Banken und Leasinganbietern aus. Die Flotte von Flex LNG besteht aus dreizehn modernen LNG-Transportern mit modernen Zweitakt-Antriebssystemen, die eine bessere Kraftstoffeffizienz und einen reduzierten CO2-Fußabdruck bieten.
- Successful completion of $430 million in new financings
- New $270 million bank facility for two vessels at attractive terms
- Closure of $160 million JOLCO lease for Flex Endeavour at favorable terms
- Addition to substantial cash balance, enhancing financial strength
- Unencumbered status of Flex Endeavour vessel
- Strong support from banks and lease providers
- None.
Insights
Flex LNG's completion of
Key points to consider:
- Net proceeds of approximately
$97 million bolster the company's already substantial cash reserves, which stood at$370 million as of June 30, 2024. - The refinancing terms are described as "very attractive," suggesting potential cost savings and improved financial flexibility.
- Unencumbering of the Flex Endeavour vessel indicates enhanced asset management and potential for future leverage.
- The company's ability to secure funding from diverse sources, including a new international shipping bank, reflects positively on its creditworthiness and industry standing.
This financial maneuver, combined with Flex LNG's substantial charter backlog, positions the company well for future growth and potential market opportunities in the LNG shipping sector. Investors should view this development as a positive indicator of the company's financial health and strategic positioning.
Flex LNG's successful refinancing underscores the robust demand for LNG shipping assets and services. The company's fleet of 13 state-of-the-art LNG carriers with advanced propulsion systems positions it favorably in a market increasingly focused on fuel efficiency and reduced carbon footprints.
Key market implications:
- The attractive terms of the refinancing suggest strong lender confidence in the LNG shipping sector's outlook.
- Flex LNG's focus on modern, efficient vessels aligns with global trends towards cleaner energy transportation.
- The company's dual listing on NYSE and Oslo Stock Exchange provides liquidity and visibility to a broad investor base.
- Increased financial flexibility could allow Flex LNG to capitalize on potential market consolidation or expansion opportunities.
Investors should monitor how Flex LNG leverages its strengthened financial position to navigate the evolving LNG market landscape, particularly as global energy transitions continue to shape demand for natural gas transportation.
On September 24, 2024, the new
On October 3, 2024, the Company successfully closed the new
As announced in the Q2-2024 earnings presentation, Flex LNG had a cash balance of
Knut Traaholt, CFO of Flex LNG Management AS, commented:
"We are pleased to have completed another round of refinancings at very attractive terms. We highly appreciate the efforts of all involved parties for another smooth closing, and we welcome a new international shipping bank to our banking group. 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."
For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com
About FLEX LNG
Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. Flex LNG is listed on the New York Stock Exchange as well as Oslo Stock Exchange under the ticker FLNG. For more information, go to: www.flexlng.com
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SOURCE Flex LNG
FAQ
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