Navigator Gas Announces Signing of $133.7 Million Secured Term Loan For Financing of Two Newbuild Vessels

Navigator Gas (NYSE: NVGS) secured a $133.77 million senior secured pre- and post-delivery term loan to finance two 48,500 cbm liquefied ethylene carriers under construction.

Rhea-AI Summary

Navigator Gas (NYSE: NVGS) secured a $133.77 million senior secured pre- and post-delivery term loan to finance two 48,500 cbm liquefied ethylene carriers under construction.

The Facility covers up to 65% of pre-delivery and delivery instalments, bears interest at SOFR plus 1.50%, has a five-year post-delivery tenor, is mortgage-secured and guaranteed by the company; deliveries are scheduled for Nov 2027 and Jan 2028.

Positive

• $133.77 million committed senior secured facility
• Finances up to 65% of pre-delivery and delivery instalments
• Five-year post-delivery tenor supports medium-term funding
• Interest at SOFR+1.50% on competitive terms

Negative

• Remaining instalments funded from company cash, reducing liquidity
• Facility contains covenants and default events that may restrict operations
• Variable-rate pricing (SOFR) exposes financing to interest-rate risk

Argus Mar 2 session

+1.09% close to close Open Argus

Details

News Market Reaction – NVGS

On Mar 2, the day this news came out, NVGS closed 1.09% above the previous close.

Data tracked by StockTitan Argus for the Mar 2 session.

Market Context

This announcement details a $133.77M senior secured term loan to fund two 48,500 m³ ethylene carrier...

Analysis

This announcement details a $133.77M senior secured term loan to fund two 48,500 m³ ethylene carriers, covering up to 65% of construction instalments, with delivery slated for November 2027 and January 2028. It links to NVGS’s broader fleet renewal and growth strategy seen in prior regulatory filings. Investors may watch future disclosures on leverage metrics, charter coverage for the new vessels, and upcoming earnings for additional context.

Key Figures

Secured term loan: $133,770,000 Financing share: 65% Newbuild vessels: 2 vessels +5 more

Secured term loan

$133,770,000

Facility Agreement for two Newbuild Vessels

Financing share

65%

Portion of pre-delivery and delivery instalments financed

Newbuild vessels

2 vessels

Number of 48,500 m³ liquefied ethylene gas carriers under construction

Vessel capacity

48,500 cubic metres

Capacity of each liquefied ethylene gas carrier

First delivery

November 2027

Scheduled delivery of first Newbuild Vessel

Second delivery

January 2028

Scheduled delivery of second Newbuild Vessel

Loan tenor

5 years

Post-delivery tenor of the Facility Agreement

Interest margin

SOFR + 1.50%

Quarterly interest on outstanding loan amounts

Historical Context

4 past events · Latest: Feb 26

4 events

1. Feb 26

   Earnings date set

   24h Move

   +2.7%

   Announced Q4 and full-year 2025 results release and Zoom call schedule.

2. Nov 04

   Earnings update

   24h Move

   +3.4%

   Released preliminary unaudited Q3 2025 financial results to the market.

3. Oct 22

   Earnings date set

   24h Move

   +1.8%

   Announced Q3 2025 results release timing and investor conference call details.

4. Oct 08

   Conference participation

   24h Move

   -1.1%

   Disclosed participation in Capital Link’s 17th Annual New York Maritime Forum.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured term loan, sofr, mortgages, covenants, +1 more

5 terms

senior secured term loan financial

"entered into a senior secured pre- and post-delivery term loan"

A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.

sofr financial

"amounts outstanding will bear interest on a quarterly basis at SOFR plus 1.50%"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

mortgages financial

"is secured by, among other things, mortgages over the Newbuild Vessels"

A mortgage is a loan used to buy real estate where the property itself serves as collateral, so the lender can take the property if the borrower stops paying. For investors, mortgages matter because they create predictable streams of payments and risks tied to interest rates and borrower defaults, affecting banks, mortgage-backed securities and the broader housing market much like how a river’s flow affects downstream farms.

covenants financial

"the Facility Agreement also contains certain conditions, covenants and events of default"

Covenants are rules written into loan or bond contracts that require a company to do or avoid certain things—like keeping debt below a set level or not selling key assets. They matter to investors because they protect lenders and influence a company’s flexibility: tight covenants can limit growth plans but lower default risk, while loose covenants give freedom but increase credit risk, similar to how household rules affect a family’s budget choices.

events of default financial

"contains certain conditions, covenants and events of default"

Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LONDON, March 02, 2026 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (“Navigator Gas” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, is pleased to announce that today, its subsidiaries, Navigator Parsec L.L.C. and Navigator Pleione L.L.C. (the “Borrowers”), entered into a senior secured pre- and post-delivery term loan (the “Facility Agreement”) with ABN AMRO Bank N.V., Crédit Agricole Corporate & Investment Bank and Nordea Bank Abp, filial i Norge (together, the “Lenders”), pursuant to which the Lenders have agreed to make available to the Borrowers up to $133,770,000, subject to the terms and conditions set out in the Facility Agreement.

The loan will be used to finance up to 65% of the Borrowers’ payments of the pre-delivery and delivery instalments to Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd. under the shipbuilding contracts entered into in November 2024, in connection with the construction of two 48,500 cubic metre capacity liquefied ethylene gas carriers (the “Newbuild Vessels”), as previously announced on November 20, 2024. The remaining portion of the pre-delivery and delivery instalments for the Newbuild Vessels will be funded from the Company’s available cash resources. The Newbuild Vessels are scheduled to be delivered to the Borrowers in November 2027 and January 2028, respectively.

The Facility Agreement has a post-delivery tenor of five years, is secured by, among other things, mortgages over the Newbuild Vessels, and amounts outstanding will bear interest on a quarterly basis at SOFR plus 1.50%. Obligations of the Borrowers under the Facility Agreement are guaranteed by the Company and Navigator Gas L.L.C. and the Facility Agreement also contains certain conditions, covenants and events of default.

Gary Chapman, Chief Financial Officer, commented:

"Securing funding for two of our vessels under construction on highly competitive terms from a supportive banking group represents an important milestone as we advance our newbuilding program and continue renewing our fleet. The terms achieved will allow us to deliver state-of-the-art vessels that enhance our fleet capabilities, support our customers' long-term needs, and continue to deliver long-term value to our shareholders".

About Navigator Gas
Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator Gas’ fleet consists of 55 semi- or fully-refrigerated liquefied gas carriers, 24 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow.

Navigator Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS”.

For media enquiries or further information, please contact:

Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com

Randy Giveans
EVP - Investor Relations & Business Development
Email: randy.giveans@navigatorgas.com
1200 Smith Street, Suite 1000, Houston, Texas, U.S.A. 77002
Tel: +1-713-373-6197

Alexander Walster
Media Contact
Email: communications@navigatorgas.com
Verde, 10 Bressenden Place, London, SW1E 5DH, UK
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114

Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link – New York
Tel: +1-212-661-7566
Email: navigatorgas@capitallink.com

Forward looking statements

This press release contains certain “forward-looking” statements (as defined by the Securities and Exchange Commission) concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “will,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “scheduled,” or the negative of these terms or other comparable terminology.

These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator files with the U.S. Securities and Exchange Commission.

All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock.

Category: Financial

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What financing did Navigator Gas (NVGS) announce on March 2, 2026?

Navigator Gas announced a $133.77 million senior secured term loan to finance two newbuild liquefied ethylene carriers. According to the company, the Facility covers up to 65% of pre-delivery and delivery instalments for the vessels.

When will the two newbuild vessels financed by NVGS be delivered?

The newbuild vessels are scheduled for delivery in November 2027 and January 2028. According to the company, those dates align with the shipbuilding contracts from November 2024.

What are the key economic terms of NVGS's $133.77 million loan?

The loan carries interest at SOFR plus 1.50% with a five-year post-delivery tenor and is mortgage-secured. According to the company, amounts outstanding bear quarterly interest.

How much of the shipbuilding payments will NVGS's loan cover for the two vessels?

The Facility will finance up to 65% of the Borrowers' pre-delivery and delivery instalments for the two newbuilds. According to the company, the balance will be paid from available cash resources.

What guarantees and security back the NVGS term loan announced March 2, 2026?

The loan is secured by mortgages over the newbuild vessels and guaranteed by the company and Navigator Gas LLC. According to the company, the Facility also includes customary covenants and events of default.