EuropeFinance and InsuranceGas

Avance Gas raising $55m via private placement

Norway’s Avance Gas is looking to raise $55m via a private issuing of new shares worth up to $55m to strengthen its balance sheet.

The placement follows a deal struck with banks yesterday where Avance’s amortisation payments on both of the company’s bank loan facilities will be reduced by 50%, deferring a total of $55m of amortisation payments over the period.

Avance has appointed ABN AMRO, Danske Bank, DNB Markets and Nordea Markets as joint bookrunners and Credit Agricole CIB, SEB and Swedbank as joint managers of the placement. It says that net proceeds will be used to strengthen the company’s balance sheet and create an extended liquidity runway.

Avance has already been given backing to the tune of $30m via pre-subscriptions from existing shareholders Stolt-Nielsen Gas, Sungas and Hemen Holding.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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