Epic Gas completes refinancing of 20 ships

Epic Gas completes refinancing of 20 ships

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.

 

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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