Navigator Gas Announces Successful Completion of US$40 million Tap Issue of Existing 2024 Senior Unsecured Bonds in the Nordic Bond Market

Rhea-AI Summary

Navigator Gas (NYSE: NVGS) has successfully completed a US$40 million tap issue in the Nordic bond market on March 28, 2025. The tap issue was executed under the company's existing 7.25% senior unsecured bond issue, which matures in October 2029. The bonds were priced at par value, with ISIN NO0013379446.

The total borrowing limit under the bonds is US$200 million, with US$60 million in borrowing capacity remaining available after this tap issue. The net proceeds will be utilized for general corporate purposes in accordance with the bond terms. Arctic Securities and DNB Markets served as Joint Global Coordinators and Joint Bookrunners, while Clarksons Securities and Fearnley Securities acted as Joint Bookrunners in the bond tap issue.

Positive

• Successfully raised US$40 million through bond tap issue
• Maintains additional US$60 million in borrowing capacity for future needs
• Bond issuance priced at par value, indicating strong market confidence

Negative

• Increases company's debt obligations with 7.25% interest rate

LONDON, March 31, 2025 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (referred to herein as “Navigator Gas” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announces that on March 28, 2025 it successfully completed a US$40 million tap issue in the Nordic bond market under its outstanding 7.25% senior unsecured bond issue due to mature in October 2029, with ISIN NO0013379446 (the “Bonds”).

The borrowing limit under the Bonds is US$200 million. Following this tap issue of US$40 million, US$60 million in borrowing capacity remains available to the Company under the Bonds. The tap issue was priced at par value. The net proceeds from the tap issue are expected to be used for general corporate purposes in accordance with the bond terms governing the bonds, and the tap issue addendum to the bond terms that the Company expects to enter into in connection with the completion of the tap issue.

Arctic Securities and DNB Markets acted as Joint Global Coordinators and Joint Bookrunners, and Clarksons Securities and Fearnley Securities acted as Joint Bookrunners in the bond tap issue.

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 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 59 semi- or fully-refrigerated liquefied gas carriers, 28 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”.

For media enquiries or further information, please contact:

Alexander Walster
Head of ESG & Communications
Email: communications@navigatorgas.com   
Verde, 10 Bressenden Place, London, SW1E 5DH, UK
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114

Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com, randy.giveans@navigatorgas.com
333 Clay Street, Suite 2400, Houston, Texas, U.S.A. 77002
Tel: +1 713 373 6197, +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 U.S. federal securities laws ) concerning various matters, such as 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

What is the size and purpose of Navigator Gas's (NVGS) recent bond tap issue?

Navigator Gas completed a US$40 million tap issue in the Nordic bond market, with proceeds to be used for general corporate purposes.

What is the interest rate and maturity date of Navigator Gas's (NVGS) bond issue?

The bonds carry a 7.25% interest rate and are due to mature in October 2029.

How much borrowing capacity remains available for Navigator Gas (NVGS) under these bonds?

Following the US$40 million tap issue, US$60 million in borrowing capacity remains available under the total US$200 million borrowing limit.

Which financial institutions acted as bookrunners for Navigator Gas's (NVGS) bond tap issue?

Arctic Securities and DNB Markets were Joint Global Coordinators and Joint Bookrunners, while Clarksons Securities and Fearnley Securities acted as Joint Bookrunners.