Dorian LPG Secures $368.4m Refinancing Package
The US-listed gas carrier owner has concluded a seven-year credit agreement consolidating four existing financing facilities.
Dorian LPG has finalized a new $368.4 million credit facility with a seven-year maturity, consolidating four of its existing loan agreements into a single structure.
The financing agreement arranged by the John Hadjipateras-headed company is divided into a $213.4 million term loan and a $155.1 million revolving credit line. Pricing for the transaction has been set at a margin of 140 basis points over the Secured Overnight Financing Rate.
Under the terms of the transaction, the New York-listed very large gas carrier specialist is set to draw down $193.8 million at closing.
The refinancing provides consolidated capital backing as the gas carrier owner pushes ahead with its fleet program, which includes orders for modern VLGC tonnage.
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