Navigator Gas Announces Successful Placement of 5-year Senior Unsecured Bonds in the Nordic Bond Market
Navigator Holdings (NYSE: NVGS), operating as Navigator Gas, has successfully placed USD 100 million of new senior unsecured bonds in the Nordic bond market. These bonds are set to mature in October 2029 and will offer a fixed coupon of 7.25% per annum, payable semi-annually. Concurrently, the company has announced its decision to redeem the remaining portion of its existing USD 100 million senior unsecured bonds, which were due to mature in September 2025. This redemption will occur on November 1, 2024, at a price of 101.60% of par value plus accrued interest. The net proceeds from the new bond issue will be utilized for general corporate purposes.
- Successfully placed USD 100 million of new senior unsecured bonds
- New bonds offer a fixed coupon of 7.25% per annum
- Extended debt maturity from 2025 to 2029
- Redemption of existing bonds at 101.60% of par value, incurring additional costs
Insights
Navigator Gas's successful placement of
The decision to redeem the existing bonds maturing in 2025 at
For investors, this bond issuance signals Navigator Gas's ability to access capital markets and manage its debt effectively, which is important for a capital-intensive industry like shipping. The successful placement in the Nordic bond market also diversifies the company's funding sources, potentially opening doors for future financing opportunities.
Navigator Gas's bond placement reflects broader trends in the shipping industry, where companies are seeking to optimize their capital structures amidst volatile market conditions. The handysize liquefied gas carrier segment, in which Navigator Gas holds a leading position, has shown resilience and growth potential, likely contributing to the favorable terms of this bond issue.
The
The involvement of reputable financial institutions as joint bookrunners adds credibility to the offering and indicates strong institutional interest. For retail investors, this bond issue provides insights into the company's financial strategy and market perception. The successful placement may positively impact Navigator Gas's stock price, as it demonstrates financial acumen and market confidence in the company's long-term prospects.
LONDON, Oct. 17, 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, announces that today, it has successfully placed USD 100 million of new senior unsecured bonds in the Nordic bond market. The new bonds are due to mature in October 2029 and will pay a fixed coupon of
In connection with the issue, Navigator has today notified Nordic Trustee AS of its exercise of the call option to redeem the remaining portion of the Company’s existing USD 100 million senior unsecured bonds, maturing in September 2025, with ISIN NO0010891955 (the “Existing Bonds”). The Existing Bonds will be redeemed at a price equal to
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 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
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
What is the size and maturity of Navigator Gas's new bond issue?
What is the coupon rate for Navigator Gas's new bonds?
When will Navigator Gas redeem its existing bonds?
How will Navigator Gas use the proceeds from the new bond issue?
