22 May 2019
BW LPG ANNOUNCES SIGNING OF USD458MM TERM LOAN AND REVOLVING CREDIT FACILITY
(Singapore, 22 May 2019)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG”) announced today that it has signed a 7-year USD458 million Senior Secured Term Loan and Revolving Credit Facility Agreement to refinance its existing USD800 million facility maturing in November 2020.
The re-financing has been raised from eight banks with Nordea Bank, Oversea-Chinese Banking Corporation and Skandinaviska Enskilda Banken acting as mandated lead arrangers. ING Bank acted as the lead arranger while Credit Agricole Corporate & Investment Bank, Iyo Bank (Singapore branch), Danish Ship Finance and Danske Bank acted as co-arrangers. Nordea Bank also acted as bookrunner, coordinator and agent. The all-in cost for this financing is LIBOR plus 1.8%, with an 11-year amortization profile.
BW LPG Chief Executive Officer, Martin Ackermann, commented: “We appreciate very much the continued strong support from our core banks, and are also very pleased to welcome two new lenders into our banking group. This refinancing demonstrates BW LPG’s continued ability to tap upon highly competitive capital which will lower our cost of debt and cash breakeven level.”
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
Head of Investor Relations
BW LPG Limited
Tel: +65 6705 5519
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) with a total carrying capacity of over 4 million cbm. With four decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, one of the world's leading shipping groups. BW's controlled fleet of over 400 ships includes oil tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, chemical tankers, dry cargo carriers and floating production storage and offloading (FPSO) units.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.