(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
John Papaioannou, CFA
Senior Manager, Strategy & Investor Relations
BW LPG Limited
Tel: +65 6705 5514
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.