Singapore headquartered gas shipping specialist Epic Gas has completed the refinancing of twenty ships in its fleet.
According to the company the five-year term $201m facility, with an extended repayment profile and a reduced interest margin, will result in savings of $2.8m per annum of the company’s debt service.
The facility also includes a $10m tranche that is available for future acquisitions.
Following the completion of the refinancing, the fleet of Epic Gas is left with only four unencumbered vessels and the company said it had no further refinancing needs until after 2023.
ABN AMRO and Crédit Agricole CIB were underwriters and bookrunning mandated lead arrangers, and joined by two other mandated lead arrangers, Skandinaviska Enskilda Banken (SEB) and Standard Chartered Bank.
“This major refinancing is a further significant step for Epic Gas and will deliver material cost savings for the Company over the next five years, whilst extending our maturity profile and improving liquidity. We welcome the confidence and trust placed in Epic Gas and our business model by our lenders, both existing and new, as we continue to build on our platform as the leading provider of seaborne services for the global pressurised LPG carrier market,” said Uta Urbaniak-Sage, CFO of Epic Gas.
Last month, Epic Gas also completed the refinancing of two 2010-built 7,200 cu m LPG carriers.