Navigator Holdings Ltd. Announces Entry Into Secured Term Loan and Revolving Credit Facility and Call of Senior Secured Bond
December 09 2022 - 9:23AM
Navigator Holdings Ltd. (“Navigator” or “Company”) (NYSE: NVGS),
the owner and operator of the world’s largest fleet of handysize
liquefied gas carriers, announced today that, on December 7, 2022,
Navigator Centauri L.L.C., Navigator Ceres L.L.C., Navigator Ceto
L.L.C., Navigator Copernico L.L.C. and Navigator Umbrio L.L.C. (the
“Borrowers”) entered into a secured term loan and revolving credit
facility (the “Facility Agreement”), with Credit Agricole Corporate
and Investment Bank and Deutsche Bank AG, pursuant to which such
lenders made available to the Borrowers, a maximum amount of
$111.81 million, subject to the terms and conditions set out in the
Facility Agreement, to refinance the Company’s existing January
2015 secured loan facility and for general corporate purposes.
The full loan amount of $111.81 million is
scheduled to be drawn on December 12, 2022, and will be used to
repay the Company’s existing January 2015 loan facility in the
outstanding amount of $33.3 million and $78.5 million for general
corporate purposes.
The Facility Agreement bears interest on a
quarterly basis at SOFR plus 209 basis points. The amount of the
Facility Agreement shall be reduced quarterly by $3.1 million,
followed by a final balloon payment on December 7, 2028, of
approximately $65.0 million. The Facility Agreement is secured by
five of the Company’s vessels.
Obligations under the Facility Agreement are
guaranteed by Navigator Gas L.L.C. and the Company. The Facility
Agreement contains certain conditions, covenants and events of
default.
Following entry into the Facility Agreement, the
Company has today informed Nordic Trustee AS of its exercise of the
call option to redeem all bonds outstanding under the Company’s NOK
600 million senior secured bond, with maturity date November 2,
2023 and ISIN NO0010835069 (the “Bonds”).
The Bonds will be repaid at a price equal to
101.790% of par value (plus accrued interest pursuant), with
settlement date of December 23, 2022.
About UsNavigator Holdings Ltd.
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’s fleet consists of 52 semi- or fully-refrigerated
liquefied gas carriers, 21 of which are ethylene and ethane
capable. On September 30, 2022, Navigator announced a new joint
venture with Greater Bay Gas Co. Ltd. (“Greater Bay”), owned 60% by
Navigator and 40% by Greater Bay. 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’s 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: |
1201 Fannin St. Suite 262, Houston, Texas, U.S.A. 77002 |
Tel: |
+1 713 373 6197 and +44 (0)20 7340 4850 |
Investor Relations / Media AdvisorsNicolas Bornozis / Paul
LampoutisCapital Link - New YorkTel: +1-212-661-7566Email:
navigatorgas@capitallink.com
Forward Looking StatementsThis
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.
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