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  • 2019 April 30 17:19

    Flex LNG signs $550m of financing for four LNG carriers

    Flex LNG LTD ("Flex LNG" or the "Company") reports that it has entered into a sale-charterback transaction with Hyundai Glovis Co.  Ltd. ("Hyundai Glovis") for the vessels Flex Endeavour and Flex Enterprise. Under the agreement, Flex LNG will sell the vessels for a gross consideration of $420m, with a net consideration of $300m adjusted for a non-amortizing and non-interest bearing seller's credit of $120m in total.  

    Flex Endeavour and Flex Enterprise will be charted back on a time-charter basis to subsidiaries of Flex LNG for a period of ten years. The Company will have options to acquire the vessels during the term of the time-charters. At the end of the ten-year charter period, Flex LNG will have the right to acquire the vessels and Hyundai Glovis will have the right to sell the vessels back to Flex LNG for a total consideration of $150m, net of the $120m seller's credit. The existing ship management agreements will be novated to Hyundai Glovis, securing continuation of the ship management services.  

    The transaction with Hyundai Glovis remains subject to customary closing conditions and is expected to close in the third quarter of 2019. In connection with the transaction, the existing mortgage loans for the two vessels totaling approximately $194m will be prepaid and the transaction will thus significantly increase our liquidity.   

    Furthermore, Flex LNG is also pleased to inform that the $250m bank facility agreement for Flex Constellation and Flex Courageous, announced on 28 February 2019, has now been signed. The funds will be available for drawdown in connection with the scheduled deliveries in June and August, respectively.

    Øystein M. Kalleklev, Chief Executive Officer, commented:   "We are pleased to announce a partnership with Hyundai Glovis, a top-tier global logistics and distribution company. The transaction secures us long-term financing at attractive terms and will significantly boost our cash position by more than $100m. With the two financings we are very well capitalized to take delivery of our remaining newbuildings. Cash break-even levels of less than $50,000 on average for these two financings demonstrate our ability to raise competitive and long-term financing from a diverse set of funding sources.

    About FLEX LNG LTD  
    Flex LNG is shipping company focuses on the growing market for transportation of liquefied natural gas (LNG). The fleet consists of thirteen modern LNG ships, four existing and nine under construction for delivery throughout 2019-2021. All LNG carriers are equipped with slow speed, two-stroke engines MEGI or X-DF propulsion which will provide Charterers with state of the art tonnage offering significant advantages in form of reduced fuel consumption and lowered boil off rates.




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