STAMFORD, Conn., March 21, 2018 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern and ECO very large gas carriers ("VLGCs"), today announced that the Company has entered into a $70.0 million sale and bareboat charter arrangement for the Corvette ("Corvette Japanese Financing").
The transaction was completed on similar terms as the two prior Japanese financing transactions.
The Corvette Japanese Financing resulted in net cash proceeds of $56.0 million, $33.7 million of which was used to repay a portion of the 2015 Debt Facility. The Corvette Japanese Financing has a mandatory buyout in 2031 with early purchase options from March 16, 2021, has a 17.3 year amortization profile, and carries a fixed interest rate of 4.9%.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently owns and operates 22 modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece.
Visit our website at www.dorianlpg.com
This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's belief regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the heading "Risk Factors." The Company does not assume any obligation to update the information contained in this press release.
For further information:
Dorian LPG Ltd.
Chief Financial Officer
Source: Dorian LPG Ltd.
SOURCE Dorian LPG Ltd.