LONDON, October 31, 2016 /PRNewswire/ --
Navigator Holdings Ltd. (NYSE: NVGS) announces that on October 28, 2016, Navigator Gas L.L.C. ( the "Borrower") and Navigator Holdings Ltd. (the "Company") entered into a secured facility agreement (the "Facility Agreement") with ABN-AMRO, DVB Bank, Skandinaviska Enskilda Banken ("SEB") and Nordea Bank pursuant to which such lenders made available to the Borrower an aggregate amount of up to $220,000,000 as of the date of the Facility Agreement, subject to the terms and conditions set forth in the Facility Agreement, to refinance two existing loan facilities that are due to mature in April 2017 and to provide delivery financing of up to a maximum of 70% of the fair market value of the Company's final newbuilding, Navigator Jorf.
The Facility 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. Obligations under the Facility Agreement are guaranteed by the Company. The Facility Agreement matures in seven years, 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. The Facility Agreement contains certain conditions, covenants and events of default.
Navigator Gas is the owner and operator of the world's largest fleet of handysize liquefied gas carriers and provides international and regional seaborne transportation services of liquefied petroleum gas, petrochemical gases and ammonia for energy companies, industrial users and commodity traders. Navigator's fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, including five newbuildings scheduled for delivery by the end of July 2017.
Forward Looking Statements
Statements included in this press release concerning plans and objectives of Navigator's ("we,"or "our") management for future operations or economic performance, or assumptions related thereto, contain forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. Such statements include, in particular, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate as described in this press release. In some cases, you can identify the forward-looking statements by the use of words such as "may," "could," "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "potential," "continue," or the negative of these terms or other comparable terminology. These risks and uncertainties include, but are not limited to:
- future operating or financial results;
- pending acquisitions, business strategy and expected capital spending;
- operating expenses, availability of crew, number of off-hire days, drydocking requirements and insurance costs;
- fluctuations in currencies and interest rates;
- general market conditions and shipping market trends, including charter rates and factors affecting supply and demand;
- our financial condition and liquidity, including our ability to obtain additional financing in the future to fund capital expenditures, acquisitions and other corporate activities;
- estimated future capital expenditures needed to preserve our capital base;
- our expectations about the receipt of our five newbuildings and the timing of the receipt thereof;
- our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;
- our continued ability to enter into long-term, fixed-rate time charters with our customers;
- changes in governmental rules and regulations or actions taken by regulatory authorities;
- potential liability from future litigation;
- our expectations relating to the payment of dividends;
- our expectation that we will continue to provide in-house technical management for some vessels in our fleet and our success in providing such in-house technical management; and
- other factors discussed in Navigator's filings with the U.S. Securities and Exchange Commission.
We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock.
Attention: Investor Relations department
New York: 399 Park Avenue, 38th Floor, New York, NY 10022. Tel: +1-212-355-5981
London: 21 Palmer Street, London, SW1H 0AD. Tel: +44(0)20-7340-4850
SOURCE Navigator Gas