Dorian LPG has announced that the company has completed two major financing transactions.
The company entered into a deal to refinance a $758m debt facility the company secured in 2015, with Credit Agricole Corporate Investment Bank and Skandinaviska Enskilda Banken becoming new lenders to the company.
Additionally, the company reached an amended agreement for its 2015 facility under which Dorian LPG borrowed $155.8m, of which $152.9m were used to repay the outstanding loan under the facility and $2.9m of additional cash will be used for general corporate purposes.
“Against the backdrop of volatile credit markets, we completed two important transactions that lowered our LIBOR margins and improved terms. In addition, the inclusion of a mechanism that ties improvements in our average efficiency ratio to additional interest margin reductions allows us to further monetize investments we have made in making our VLGC fleet one of the most fuel-efficient in the world,” John Hadjipateras, chairman and CEO of Dorian LPG.
Dorian LPG’s fleet currently consists of 24 VLGCs.