Navigator Gas and Navigator Holdings have entered into a secured facility agreement with ABN-AMRO, DVB Bank, Skandinaviska Enskilda Banken and Nordea Bank.
Under the agreement, the banks will offer up to $220m to refinance two existing loan facilities that are due to mature in April 2017 and provide delivery financing of up to 70% of the fair market value of the company’s final newbuilding, Navigator Jorf.
The agreement consists of a term loan facility, revolving credit facility and newbuilding term loan facility related to the partial financing of the delivery of the Navigator Jorf. It bears interest at an annual rate of U.S. LIBOR plus a margin of 2.6% and will be secured by ten of the company’s vessels.
