Dorian LPG Announces Completion of Japanese Financing Transactions for 2 2015-built VLGCs and Sale of its 2008 built VLGC Captain Nicholas ML
Dorian LPG Ltd. Announces Completion of Japanese Financing Transactions for 2 2015-built VLGCs and Sale of its 2008-built VLGC Captain Nicholas ML
STAMFORD, Conn., PRNewswire -- Dorian LPG Ltd., a leading owner and operator of modern and ECO very large gas carriers ("VLGCs"), today announced that on March 18, 2022, it completed two $70 million sale and bareboat charter arrangements with the same counterparty for its 2015-built VLGCs Cratis and Copernicus. The Japanese financing transactions resulted in cash proceeds totaling $100 million, of which $50.6 million was used to prepay a portion of the 2015 AR Facility (as defined in the Company's most recently filed Form 10-Q), and the balance of which will be used for general corporate purposes. Each Japanese financing has a nine (9) year term with purchase options beginning on March 18, 2025, amortizes principal of $340,000 per month, and carries a fixed interest rate of 4.1%.
Further to the Company's classification of the Captain Nicholas ML, a 2008-built, debt-free VLGC, as a vessel held-for-sale at December 31, 2021, the sale of the vessel has been completed, resulting in cash proceeds of $48.1 million.
Captaion image is for illustration purpose only. Image Courtesy - Dorian LPG Lmd. Website
Similar News
- Mar 04, 2024