(Singapore, 20 April 2016)
BW LPG Limited ("BW LPG", the "Company", OSE ticker code:
"BWLPG") announced today that it has signed a Debt Facility
Agreement of USD221 million for the financing of four of its
VLGC newbuildings.
The financing has been raised from ING Bank, KFW IPEX-Bank
GmbH, Oversea-Chinese Banking Corporation Limited (OCBC) and
Standard Chartered Bank, as Mandated Lead Arrangers. ING
Bank also acted as coordinator and facility agent. The loan
is insured by Korea Trade Insurance Corporation (K-Sure).
The all-in cost for this financing is LIBOR plus 1.60%, with
an 18-year amortization profile.
BW LPG Chief Executive Officer, Martin Ackermann, commenting
on the financing said, "We are very pleased with this
financing, which leverages the well-priced Korean ECA
lending to provide an exceptional all-in cost and structure.
This is a clear demonstration of BW LPG's platform value in
obtaining market leading financing. We are grateful to our
lenders for their continued support."
BW LPG Limited has also today, taken delivery of BW Tucana,
the seventh Very Large Gas Carrier (VLGC) in its newbuilding
programme of eight VLGCs from Hyundai Heavy Industries. With
the BW Tucana, BW LPG has a fleet of 40 vessels, comprising
28 owned VLGCs, seven chartered-in VLGCs and five owned
LGCs. In addition, BW LPG has five VLGC newbuildings under
construction.
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
Email: elaine.ong@bwlpg.com
John Papaioannou, CFA
Senior Manager, Strategy & Investor Relations
BW LPG Limited
Tel: +65 6705 5514
Email: john.papaioannou@bwlpg.com
About BW LPG
BW LPG is the world's leading and largest very large gas
carrier (VLGC) owner and operator based on number of VLGCs
and by LPG carrying capacity. BW LPG currently owns and
operates 40 gas carriers with a total carrying capacity of
over 3.1 million cbm. In addition, BW LPG has 5 VLGC
newbuildings under construction in Korea. With more than 37
years of operating experience in LPG shipping and
experienced seafarers and staff, BW LPG offers a flexible
and reliable service to customers. BW LPG is associated with
BW Group, one of the world's leading shipping groups. BW
Group is involved in oil and gas transportation, floating
gas infrastructure, environmental technologies and deep-
water production.
This information is subject to disclosure requirements
pursuant to Section 5-12 of the Norwegian Securities Trading
Act.