Navigator Gas Announces Entry Into $147.6 Million Secured Term Loan and Revolving Credit Facility
Navigator Holdings (NYSE: NVGS), operating as Navigator Gas, has secured a $147.6 million term loan and revolving credit facility with Credit Agricole Corporate and Investment Bank, ING Bank N.V., and Skandinaviska Enskilda Banken AB (PUBL). The facility, dated August 9, 2024, will be used to:
- Refinance the existing March 2019 secured loan facility
- Fund the repurchase of Navigator Aurora
- Support general corporate and working capital needs
The loan is structured in two tranches: $100.8 million and $46.8 million. It matures in August 2030 with a quarterly interest rate of SOFR plus 190 basis points, including a sustainability-linked adjustment. The facility is secured by up to five of the company's vessels and contains specific conditions, covenants, and events of default.
Navigator Holdings (NYSE: NVGS), che opera come Navigator Gas, ha ottenuto un prestito a termine di $147.6 milioni e una linea di credito rotativa con Credit Agricole Corporate e Investment Bank, ING Bank N.V. e Skandinaviska Enskilda Banken AB (PUBL). La struttura, datata 9 agosto 2024, sarà utilizzata per:
- Rifinanziare l'attuale prestito garantito del marzo 2019
- Finanziare il riacquisto di Navigator Aurora
- Sostenere le esigenze generali aziendali e di capitale circolante
Il prestito è strutturato in due tranche: $100.8 milioni e $46.8 milioni. Scade ad agosto 2030 con un tasso di interesse trimestrale SOFR più 190 punti base, inclusa una modifica legata alla sostenibilità. La struttura è garantita da un massimo di cinque navi della compagnia e contiene specifiche condizioni, covenants e eventi di default.
Navigator Holdings (NYSE: NVGS), que opera como Navigator Gas, ha asegurado un préstamo a plazo de $147.6 millones y una línea de crédito rotativa con Credit Agricole Corporate e Investment Bank, ING Bank N.V. y Skandinaviska Enskilda Banken AB (PUBL). La instalación, fechada el 9 de agosto de 2024, se utilizará para:
- Refinanciar la actual línea de préstamo garantizada de marzo de 2019
- Financiar la recompra de Navigator Aurora
- Apoyar las necesidades generales corporativas y de capital de trabajo
El préstamo está estructurado en dos tramos: $100.8 millones y $46.8 millones. Vence en agosto de 2030 con una tasa de interés trimestral de SOFR más 190 puntos básicos, incluyendo un ajuste vinculado a la sostenibilidad. La instalación está garantizada por hasta cinco buques de la compañía y contiene condiciones específicas, convenios y eventos de incumplimiento.
내비게이터 홀딩스(NYSE: NVGS)는 내비게이터 가스로 운영되며, 크레디 아그리콜 코퍼레이트 및 투자은행, ING은행 N.V.와 스칸디나비아 은행 AB(PUBL)와 함께 1억 4,760만 달러의 만기 대출 및 회전 신용 시설을 확보했습니다. 이 시설은 2024년 8월 9일자로 서명되었으며, 다음과 같은 용도로 사용될 예정입니다:
- 2019년 3월에 체결된 기존의 보장 대출 시설 재융자
- 내비게이터 오로라의 매입 자금 조달
- 일반 기업 및 운전 자본 필요 지원
대출은 두 개의 트랜치로 구성되어 있으며, 각각 1억 8백만 달러와 4천8백만 달러입니다. 2030년 8월에 만료되며, SOFR 플러스 190 베이시스 포인트의 분기 이자율을 포함하고 있으며 지속 가능성 링크 조정이 포함되어 있습니다. 이 시설은 회사의 최대 5척의 선박에 의해 담보되며 특정 조건, 계약 및 기본 사건을 포함합니다.
Navigator Holdings (NYSE: NVGS), opérant sous le nom de Navigator Gas, a sécurisé un prêt à terme de 147,6 millions de dollars et une facilité de crédit renouvelable auprès de Credit Agricole Corporate and Investment Bank, d'ING Bank N.V. et de Skandinaviska Enskilda Banken AB (PUBL). Cette facilité, datée du 9 août 2024, sera utilisée pour :
- Refinancer le prêt garanti existant de mars 2019
- Financer le rachat de Navigator Aurora
- Soutenir les besoins généraux de l'entreprise et de fonds de roulement
Le prêt est structuré en deux tranches : 100,8 millions de dollars et 46,8 millions de dollars. Il arrive à échéance en août 2030 avec un taux d'intérêt trimestriel de SOFR plus 190 points de base, y compris un ajustement lié à la durabilité. La facilité est garantie par un maximum de cinq navires de l'entreprise et contient des conditions spécifiques, des engagements et des événements de défaut.
Navigator Holdings (NYSE: NVGS), tätig als Navigator Gas, hat einen Terminkredit und eine revolvierende Kreditfazilität in Höhe von 147,6 Millionen US-Dollar bei der Crédit Agricole Corporate and Investment Bank, der ING Bank N.V. und der Skandinaviska Enskilda Banken AB (PUBL) gesichert. Die Fazilität, datiert auf den 9. August 2024, wird verwendet für:
- Die Refinanzierung des bestehenden gesicherten Kreditrahmens vom März 2019
- Die Finanzierung des Rückkaufs von Navigator Aurora
- Die Unterstützung allgemeiner Unternehmens- und Betriebskapitalbedarfe
Der Kredit ist in zwei Tranchen strukturiert: 100,8 Millionen US-Dollar und 46,8 Millionen US-Dollar. Er fällt im August 2030 fällig und hat einen vierteljährlichen Zinssatz von SOFR plus 190 Basispunkte, einschließlich einer nachhaltigkeitsbezogenen Anpassung. Die Fazilität ist durch bis zu fünf Schiffe des Unternehmens gesichert und enthält spezifische Bedingungen, Verpflichtungen und Ereignisse von Verzug.
- Secured a $147.6 million term loan and revolving credit facility
- Refinancing existing loan facility, potentially improving financial structure
- Funding repurchase of Navigator Aurora, increasing owned fleet
- Maturity extended to August 2030, providing long-term financial stability
- Sustainability-linked adjustment in interest rate, aligning with environmental goals
- New debt obligation of $147.6 million
- Increased financial leverage with additional vessel collateral
Insights
Navigator Gas's new
The extended maturity to 2030 and the revolving credit feature provide enhanced liquidity and financial flexibility. With SOFR plus 190 basis points, the interest rate appears competitive in the current market. However, investors should monitor the company's ability to meet the environmental criteria to maintain this favorable rate.
This refinancing deal signifies Navigator Gas's strong position in the handysize liquefied gas carrier market. By repurchasing the Navigator Aurora, the company is consolidating its fleet ownership, which could lead to improved operational efficiency and cost savings. The sustainability-linked component aligns with the growing industry trend towards greener shipping practices.
The extended loan maturity provides stability for long-term fleet management. However, investors should consider the potential impact of future environmental regulations on the company's fleet and its ability to meet the sustainability criteria. The move to repurchase leased vessels suggests confidence in the long-term prospects of the handysize LPG market.
LONDON, Aug. 12, 2024 (GLOBE NEWSWIRE) -- 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
The loan is available to the Company in two tranches: the first, in the amount of up to
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 Gas
Navigator 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
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 Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link – New York
Tel: +1-212-661-7566
Email: navigatorgas@capitallink.com
Forward looking statements
This 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
FAQ
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