Epic Gas completes major refinancing of twenty ships
Epic Gas Ltd., the leading LPG shipping solutions company, today announced that it has completed the refinancing of a further twenty ships in its fleet.
The US$201m facility has a five-year term with an extended repayment profile and a reduced interest margin, resulting in savings of US$2.8m per annum of the Company’s debt service.
The facility includes a US$10m tranche that is available for future acquisitions.
Completion of this refinancing leaves Epic Gas with four unencumbered vessels and means that it has no further refinancing needs until after 2023.
ABN AMRO and Crédit Agricole CIB were Underwriters and Bookrunning Mandated Lead Arrangers, and were joined by two other Mandated Lead Arrangers Skandinaviska Enskilda Banken AB (SEB) and Standard Chartered Bank.
About Epic Gas Ltd.
Epic Gas owns and operates a fleet of fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company controls a fleet of 44 vessels which serve the international supply chains of leading oil majors and commodity traders throughout Asia, Europe, Africa and the Americas. The Company’s shares are traded over the Oslo Stock Exchange under the ticker “EPIC-ME”.