John Fredriksen-backed Flex LNG has completed its fleet refinancing programme, which resulted in a total cash position boost of $387m.
The New York and Olso-listed company with a fleet of 13 LNG carriers has finalised the process with a new $290m loan deal to refinance the 2021-built Flex Freedom and Flex Vigilant.
It also completed the refinancing of Flex Aurora, Flex Artemis, and Flex Amber earlier this year, as well as the lease for Flex Rainbow.
The financings will provide Flex LNG with $204m in net cash proceeds in the first quarter, adding to the company’s $332m cash balance at the end of 2022.
Knut Traaholt, the chief financial officer of Flex LNG Management, added the approximately $2bn refinancing process “also reduced the interest margin significantly and stretched the repayment and maturity profiles with the first loan not due before 2028”.
