Navigator Gas Announces Signing of $300 Million Senior Secured Term Loan and Revolving Credit Facility
Navigator Gas (NYSE: NVGS) has secured a $300 million senior secured term loan and revolving credit facility through its subsidiaries. The facility, arranged with multiple major banks including Nordea Bank and Danish Ship Finance, will be available until June 30, 2025. The funds will be used to refinance existing debt, including a $143.4 million loan due September 2025 and a $14.7 million loan maturing May 2027, with remaining funds available for general corporate purposes.
The new facility has a six-year tenor maturing in 2031 with interest at SOFR plus 170 basis points quarterly. The agreement is secured by eight company vessels and contains specific conditions, covenants, and default terms. CEO Mads Peter Zacho highlighted this as a key milestone, noting the record low margin demonstrates strong banking partner confidence despite global economic uncertainty.
Navigator Gas (NYSE: NVGS) ha ottenuto un prestito senior garantito da 300 milioni di dollari e una linea di credito revolving tramite le sue controllate. La struttura, organizzata con diverse banche importanti tra cui Nordea Bank e Danish Ship Finance, sarà disponibile fino al 30 giugno 2025. I fondi saranno utilizzati per rifinanziare il debito esistente, inclusi un prestito da 143,4 milioni di dollari in scadenza a settembre 2025 e un prestito da 14,7 milioni di dollari in scadenza a maggio 2027, con il residuo disponibile per scopi aziendali generali.
La nuova linea di credito ha una durata di sei anni con scadenza nel 2031 e un interesse basato su SOFR più 170 punti base trimestrali. L'accordo è garantito da otto navi della compagnia e include condizioni specifiche, covenant e termini di default. Il CEO Mads Peter Zacho ha sottolineato che si tratta di una tappa fondamentale, evidenziando come il margine record basso dimostri la forte fiducia dei partner bancari nonostante l'incertezza economica globale.
Navigator Gas (NYSE: NVGS) ha asegurado un préstamo senior garantizado de 300 millones de dólares y una línea de crédito revolvente a través de sus subsidiarias. La facilidad, organizada con varios bancos importantes, incluidos Nordea Bank y Danish Ship Finance, estará disponible hasta el 30 de junio de 2025. Los fondos se utilizarán para refinanciar deuda existente, incluyendo un préstamo de 143,4 millones de dólares con vencimiento en septiembre de 2025 y un préstamo de 14,7 millones de dólares que vence en mayo de 2027, con fondos restantes disponibles para propósitos corporativos generales.
La nueva facilidad tiene un plazo de seis años que vence en 2031 con intereses basados en SOFR más 170 puntos básicos trimestrales. El acuerdo está garantizado por ocho embarcaciones de la compañía y contiene condiciones específicas, convenios y términos de incumplimiento. El CEO Mads Peter Zacho destacó que este es un hito clave, señalando que el margen históricamente bajo demuestra la fuerte confianza de los socios bancarios a pesar de la incertidumbre económica global.
Navigator Gas (NYSE: NVGS)는 자회사들을 통해 3억 달러 규모의 선순위 담보 대출 및 리볼빙 신용 한도를 확보했습니다. 이 금융 시설은 Nordea Bank와 Danish Ship Finance를 포함한 여러 주요 은행들과 협력하여 마련되었으며, 2025년 6월 30일까지 이용 가능합니다. 자금은 2025년 9월 만기 1억 4,340만 달러 대출과 2027년 5월 만기 1,470만 달러 대출 등 기존 부채를 재융자하는 데 사용되며, 남은 자금은 일반 기업 목적에 사용할 수 있습니다.
새로운 금융 시설은 2031년에 만기되는 6년 만기이며, 이자는 SOFR에 분기별 170 베이시스 포인트를 더한 수준입니다. 이 계약은 회사 소유 선박 8척을 담보로 하며, 특정 조건, 약정 및 기본 위반 조항을 포함합니다. CEO Mads Peter Zacho는 이번 계약을 중요한 이정표로 강조하며, 세계 경제 불확실성에도 불구하고 기록적인 낮은 마진이 강력한 은행 파트너 신뢰를 보여준다고 밝혔습니다.
Navigator Gas (NYSE : NVGS) a obtenu un prêt senior garanti de 300 millions de dollars ainsi qu'une facilité de crédit renouvelable via ses filiales. Cette facilité, organisée avec plusieurs grandes banques dont Nordea Bank et Danish Ship Finance, sera disponible jusqu'au 30 juin 2025. Les fonds serviront à refinancer la dette existante, comprenant un prêt de 143,4 millions de dollars arrivant à échéance en septembre 2025 et un prêt de 14,7 millions de dollars arrivant à échéance en mai 2027, le reste étant disponible pour des besoins généraux de l'entreprise.
La nouvelle facilité a une durée de six ans, arrivant à échéance en 2031, avec un taux d'intérêt basé sur le SOFR plus 170 points de base trimestriels. L'accord est garanti par huit navires de la société et comprend des conditions spécifiques, des engagements et des clauses de défaut. Le PDG Mads Peter Zacho a souligné qu'il s'agit d'une étape clé, notant que la marge historiquement basse témoigne de la forte confiance des partenaires bancaires malgré l'incertitude économique mondiale.
Navigator Gas (NYSE: NVGS) hat über seine Tochtergesellschaften einen vorrangigen gesicherten Terminkredit und eine revolvierende Kreditlinie in Höhe von 300 Millionen US-Dollar gesichert. Die Finanzierung, arrangiert mit mehreren großen Banken, darunter Nordea Bank und Danish Ship Finance, steht bis zum 30. Juni 2025 zur Verfügung. Die Mittel werden zur Refinanzierung bestehender Schulden verwendet, darunter ein Darlehen über 143,4 Millionen US-Dollar mit Fälligkeit im September 2025 und ein Darlehen über 14,7 Millionen US-Dollar mit Fälligkeit im Mai 2027, wobei die verbleibenden Mittel für allgemeine Unternehmenszwecke zur Verfügung stehen.
Die neue Finanzierung hat eine sechsjährige Laufzeit mit Fälligkeit im Jahr 2031 und einen Zinssatz von SOFR plus 170 Basispunkte vierteljährlich. Die Vereinbarung ist durch acht Schiffe des Unternehmens besichert und enthält spezifische Bedingungen, Auflagen und Ausfallklauseln. CEO Mads Peter Zacho hob hervor, dass dies ein wichtiger Meilenstein sei, und betonte, dass die rekordniedrige Marge das starke Vertrauen der Bankpartner trotz globaler wirtschaftlicher Unsicherheiten zeigt.
- Secured $300 million in new financing at record low margin
- Extended debt maturity profile to 2031, improving financial flexibility
- Refinancing of $158.1 million in existing debt obligations
- Strong banking relationship demonstrated through multi-bank participation
- Increased total debt exposure with $300 million facility
- Additional vessel collateral requirements with 8 ships securing the loan
Insights
Navigator Gas secures $300M facility at favorable terms, extending debt maturities to 2031 and strengthening financial position.
Navigator Gas has executed a strategic $300 million refinancing that addresses $158.1 million in maturing debt while extending their maturity profile to 2031. This six-year facility carries interest at SOFR plus 170 basis points, which the CEO characterizes as a "record low margin" for the company—suggesting improved financing terms.
The transaction demonstrates prudent financial management by addressing two existing loans: a $143.4 million facility maturing in September 2025 and a $14.7 million facility due in May 2027. By consolidating these obligations into a single, longer-term arrangement secured by eight vessels, Navigator strengthens its debt structure.
Beyond mere refinancing, this facility provides substantial additional liquidity for general corporate purposes—approximately $141.9 million after covering existing debt. In the capital-intensive shipping industry, maintaining this financial flexibility is particularly valuable amid what the CEO describes as "current global economic uncertainty."
The timing is notable; Navigator is proactively addressing debt maturities well in advance, eliminating near-term refinancing risk and potentially securing more favorable terms than might be available closer to maturity dates. For a company operating the world's largest fleet of handysize liquefied gas carriers, this extended runway provides operational stability and potential strategic optionality through 2031.
LONDON, May 05, 2025 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announces today that on May 2, 2025, its subsidiaries Navigator Gas L.L.C. and Othello Shipping Company S.A. (the “Borrowers”) entered into a senior secured term loan and revolving credit facility (the “Facility Agreement”), with Nordea Bank Abp filial i Norge, Danish Ship Finance A/S, Danske Bank A/S, DNB (UK) Limited, ING Bank N.V., London Branch and Skandinaviska Enskilda Banken AB (publ), pursuant to which such lenders made available to the Borrowers up to
The loan is available to be drawn by the Company not later than June 30, 2025, and will be used to repay the Company’s existing September 2020 secured loan facility in the amount of
The Facility Agreement has a tenor of six years, maturing in 2031, and amounts outstanding will bear interest on a quarterly basis at SOFR plus 170 basis points. The Facility Agreement is secured by eight of the Company’s vessels.
Obligations under the Facility Agreement are guaranteed by the Company. The Facility Agreement contains certain conditions, covenants and events of default.
Mads Peter Zacho, Chief Executive Officer, commented:
“The signing of the Facility Agreement is a key milestone for Navigator Gas in 2025 and continues to underscore our commitment to build on our strong financial footing while significantly pushing out our debt maturities. Against the backdrop of current global economic uncertainty, we believe the signing of the Facility Agreement at a record low margin for the Company also demonstrates the confidence shown in Navigator Gas by our banking partners.”
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
Navigator Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS”.
For media enquiries or further information, please contact:
Alexander Walster
Head of ESG & Communications
Email: communications@navigatorgas.com
Verde, 10 Bressenden Place, London, SW1E 5DH, UK
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114
Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com, randy.giveans@navigatorgas.com
333 Clay Street, Suite 2400, Houston, Texas, U.S.A. 77002
Tel: +1 713 373 6197, +44 (0)20 7340 4850
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
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