Flex LNG finalize $430 million in new financings
Flex LNG (NYSE: FLNG) (OSE: FLNG) has successfully completed $430 million in new financings as announced in their Q2-2024 report.
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Rhea-AI Summary
Flex LNG (NYSE: FLNG) (OSE: FLNG) has successfully completed $430 million in new financings as announced in their Q2-2024 report. The company finalized a $270 million bank facility for Flex Aurora and Flex Ranger on September 24, 2024, repaying a previous $375 million facility. This left Flex Endeavour unencumbered at the end of Q3-2024. On October 3, 2024, Flex LNG closed a $160 million JOLCO lease for Flex Endeavour at favorable terms.
With a cash balance of $370 million as of June 30, 2024, these refinancings will further enhance the company's substantial cash position. CFO Knut Traaholt emphasized the attractive terms of the refinancings and expressed gratitude for the support from banks and lease providers. Flex LNG's fleet consists of thirteen state-of-the-art LNG carriers with modern two-stroke propulsion, offering improved fuel efficiency and reduced carbon footprint.
Positive
- Successful completion of $430 million in new financings
- New $270 million bank facility for two vessels at attractive terms
- Closure of $160 million JOLCO lease for Flex Endeavour at favorable terms
- Addition to substantial cash balance, enhancing financial strength
- Unencumbered status of Flex Endeavour vessel
- Strong support from banks and lease providers
Negative
- None.
Details
News Market Reaction – FLNG
The recorded move for FLNG in the trading session of this news was +1.35%.
Data tracked by StockTitan Argus. Session date unavailable.
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On September 24, 2024, the new
On October 3, 2024, the Company successfully closed the new
As announced in the Q2-2024 earnings presentation, Flex LNG had a cash balance of
Knut Traaholt, CFO of Flex LNG Management AS, commented:
"We are pleased to have completed another round of refinancings at very attractive terms. We highly appreciate the efforts of all involved parties for another smooth closing, and we welcome a new international shipping bank to our banking group. We are grateful for the trust and strong support from our banks and lease providers which have resulted in a very attractive funding platform for Flex LNG. Our financial strength together with the substantial charter backlog provide us with significant commercial and financial flexibility to further develop the Company."
For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com
About FLEX LNG
Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. Flex LNG is listed on the New York Stock Exchange as well as Oslo Stock Exchange under the ticker FLNG. For more information, go to: www.flexlng.com
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SOURCE Flex LNG
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