Singapore, 24 March 2017
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG”) announced today that it has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships.
The re-financing has been raised from The Export-Import Bank of Korea (“KEXIM”) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.88%, with a 16-year amortization profile.
BW LPG Chief Executive Officer, Martin Ackermann, commenting on the transaction said, “This financing exemplifies our strategy of cost leadership, and our ability to leverage the BW LPG platform value in obtaining market leading financing. The ex-Aurora fleet is now fully re-financed at similar competitive terms and structure as the rest of the BW LPG fleet, which further strengthens our competitive edge in a challenging market. We thank our lenders for their continued support.”
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels. BW LPG currently owns and operates 55 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) including two VLGC newbuildings with a total carrying capacity of 4.5 million cbm. With four decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. BW LPG is associated with BW Group, one of the world's leading shipping groups. BW Group is involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production.
BW LPG press release