Singapore, 6 February 2018
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG”) announced today that it has signed a USD 150 million 5-year Senior Secured Term Loan Agreement to refinance its existing USD150 million revolving credit facility maturing in March 2018. The re-financing has been raised from ING Bank, a branch of ING-DiBa AG, Danish Ship Finance A/S, Development Bank of Japan Inc, Oversea-Chinese Banking Corporation Limited and Societe Generale as Mandated Lead Arrangers and Lenders. ING Bank N.V., Singapore branch, acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.7%, with an 8-year amortization profile.
BW LPG Chief Executive Officer, Martin Ackermann, commenting on the transaction, said, “We are extremely pleased with the strong support we have received from our existing lenders and have added new lenders to our banking group with this financing. Successfully refinancing our revolving credit facility demonstrates the ability of the BW LPG platform to obtain market-leading financing. With this new facility in place, we have enhanced our financial flexibility and continue to keep our financing costs low.”
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels. BW LPG currently owns and operates 53 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) including two VLGC newbuildings with a total carrying capacity of 4.3 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's fleet of over 160 vessels includes refined oil tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, chemical tankers, dry cargo carriers and floating production storage and offloading (FPSO) units.
This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.
BW LPG press release