Navigator Nabs USD 290 Million Loan to Finance Six Newbuilds

Navigator Owner and operator of handysize liquefied gas carriers Navigator Holdings Ltd. entered into a loan agreement with a group of lenders securing USD 290 million to finance purchase of six newbuild gas carriers. The seven-year term loan will be used to finance the purchase of four 35,000 cubic meter ethylene/ethane capable semi-refrigerated liquefied gas carriers under construction at Jiangnan Shipyard (Group) Co., Ltd and two 22,000 cubic meter semi-refrigerated liquefied gas carriers under construction at Hyundai Mipo Dockyard Co., Ltd., together. The facility was carried out through lenders made available through Navigator Gas L.L.C, the borrower. The borrower’s obligations under the facility agreement shall be used to finance the purchase price of the vessels and for the borrowers’ general corporate and working capital purposes, Navigator Holdings said. Navigator’s fleet consists of 38 semi-or fully-refrigerated liquefied gas carriers, including nine newbuildings scheduled for delivery by August 2017.