Navigator Holdings Ltd., the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, is pleased to announce that on March 20, 2023, Navigator Gas L.L.C. (the “Borrower”) entered into a secured term loan facility (the “Facility Agreement”) with among others, Nordea Bank Abp, ABN AMRO Bank N.V., and BNP Paribas S.A., pursuant to which such lenders made available up to $200.0 million, subject to the terms and conditions set out in the Facility Agreement. ABN AMRO Bank N.V. is sustainability coordinator under the Facility Agreement.

The $200 million loan was fully drawn down on March 28, 2023, to repay two of the Company’s bank loan facilities which were due to mature later in 2023, as well as providing an additional $65.4 million for general corporate purposes. The Facility Agreement contains certain conditions, covenants and events of default.

The Facility Agreement includes a sustainability-linked margin adjustment with two key performance indicators (“KPIs”). One KPI is linked to fleet environmental criteria and the second is linked to percentage targets for women in leadership roles at Navigator each year, with an initial target of 22% by the end of 2023, increasing year by year to a final target of 35% of women in leadership roles by 2028.

Mads Peter Zacho, Chief Executive Officer of Navigator, said:

“We are committed to improving gender diversity across the business in a sector that has traditionally been male dominated. As far as we are aware, this Facility Agreement linked to gender diversity is one of the first of its kind in the sector, and we are enthusiastic about achieving our targets supporting wider change in the industry.”
Source: Navigator Holdings Ltd.