Epic Gas Ltd. announced today that it has completed the refinancing of 14 LPG carriers in partnership with ABN AMRO Bank N.V. as Coordinator, Agent and Bookrunning Mandated Lead Arranger, DVB Bank SE Singapore Branch as Bookrunning Mandated Lead Arranger and Norddeutsche Landesbank as Lead Arranger.
The new USD 90 million facility has an advance rate of 55% of the fair market value of the underlying vessels and matures in 2024.
Proceeds from the facility were used to repay amounts outstanding under Epic Gas’s existing facilities with DVB Bank and Norddeutsche Landesbank expiring in December 2017 and 2019/2020, respectively.
With completion of the Refinancing, Epic Gas has no refinancing requirements until 2019.
About Epic Gas
Epic Gas owns and operates a fleet of fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company controls a fleet of 41 vessels which serve the international supply chains of leading oil majors and commodity traders throughout Asia, Europe, Africa and the Americas.