Navigator Holdings Ltd. (NYSE: NVGS) shares moved downward Monday. The company, 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., entered into a senior secured pre- and post-delivery term loan with ABN AMRO Bank N.V.,
Crédit Agricole Corporate & Investment Bank and Nordea Bank Abp, filial i Norge 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 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%.
NVGS shares lost 17 cents to $20.85.
