Navigator Holdings Ltd., 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 $300 million, subject to the terms and conditions set out in the Facility Agreement.

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 $143.4 million due to mature in September 2025, and the Company’s existing October 2013 secured loan facility due to mature in May 2027 in the outstanding amount of $14.7 million, and thereafter be available for general corporate and working capital purposes.

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.”
Source: Navigator Gas