LONDON, July 6, 2017 /PRNewswire/ --
Navigator Holdings Ltd. (NYSE: NVGS) announces that on
June 30, 2017, Navigator Gas L.L.C. (
the "Borrower") and Navigator Holdings Ltd. (the "Company") entered
into a secured facility agreement (the "Facility Agreement") with
Nordea Bank AB (Publ), BNP Paribas, DVB Bank America N.V., ING Bank
N.V., and Skandinaviska Enskilda Banken AB (Publ) ("SEB") pursuant
to which such lenders made available to the Borrower an aggregate
amount of up to $160,800,000 as of
the date of the Facility Agreement, subject to the terms and
conditions set forth in the Facility Agreement, to refinance an
existing loan facility that is due to mature in February 2018 and for general corporate and
working capital purposes.
The Facility Agreement consists of a term loan facility in the
sum of $100,000,000 and a revolving
credit facility for $60,800,000.
Obligations under the Facility Agreement are guaranteed by the
Company. The Facility Agreement matures in six years, bears
interest at an annual rate of U.S. LIBOR plus a margin of 2.3% and
will be secured by eight of the Company's vessels. The Facility
Agreement contains certain conditions, covenants and events of
default.
About Us
Navigator Gas is the owner and operator of the
world's largest fleet of handysize liquefied gas
carriers and provides international and regional seaborne
transportation services of liquefied petroleum gas, petrochemical
gases and ammonia for energy companies, industrial users and
commodity traders. Navigator's fleet
consists of 38 semi- or fully-refrigerated liquefied
gas carriers, including two newbuildings scheduled
for delivery by the end of October
2017.
Forward Looking Statements
Statements included in this press release concerning plans and
objectives of management for future operations or economic
performance, or assumptions related thereto, including our
financial forecast, contain forward-looking statements. In
addition, we and our representatives may from time to time make
other oral or written statements that are also forward-looking
statements. Such statements include, in particular, statements
about our plans, strategies, business prospects, changes and trends
in our business and the markets in which we operate as described in
this press release. In some cases, you can identify the
forward-looking statements by the use of words such as "may,"
"could," "should," "would," "expect," "plan," "anticipate,"
"intend," "forecast," "believe," "estimate," "predict," "propose,"
"potential," "continue," or the negative of these terms or other
comparable terminology. These risks and uncertainties include, but
are not limited to:
- future operating or financial results;
- pending acquisitions, business strategy and expected capital
spending;
- operating expenses, availability of crew, number of off-hire
days, drydocking requirements and insurance costs;
- fluctuations in currencies and interest rates;
- general market conditions and shipping market trends, including
charter rates and factors affecting supply and demand;
- our financial condition and liquidity, including our ability to
obtain additional financing in the future to fund capital
expenditures, acquisitions and other corporate activities;
- estimated future capital expenditures needed to preserve our
capital base;
- our expectations about the receipt of our two newbuildings and
the timing of the receipt thereof;
- our expectations about the availability of vessels to purchase,
the time that it may take to construct new vessels, or the useful
lives of our vessels;
- our continued ability to enter into long-term, fixed-rate time
charters with our customers;
- changes in governmental rules and regulations or actions taken
by regulatory authorities;
- potential liability from future litigation;
- our expectations relating to the payment of dividends;
- our expectation that we will continue to provide in-house
technical management for some vessels in our fleet and our success
in providing such in-house technical management; and
- other factors detailed from time to time in other periodic
reports we file with the Securities and Exchange Commission.
We expressly disclaim any obligation to update or revise any of
these 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.
Navigator Gas
Attention: Investor Relations department
New York: 650 Madison Ave, 25th Floor,
New York, NY 10022. Tel:
+1-212-355-5893
London: 10 Bressenden Place, London, SW1E 5DH. Tel: +44(0)20-7340-4850
SOURCE Navigator Gas