Hong Kong Cruise Ship Owner Suspends Payments to Creditors
by Denise Wee (Bloomberg) Genting Hong Kong Ltd., a cruise ship operator, will temporarily suspend all payments to its creditors, which will likely result in events of defaults, it said...
BW LPG Ltd announced today that its seven-ship new construction program of very large gas carriers (VLGCs) has gained USD $400 million in debt financing.
The financing was gained via the Export-Import Bank of Korea (KEXIM) as Export Credit Agency (ECA) lender, with DNB Asia Limited (DNB) and Skandinaviska Enskilda Banken AB (SEB) as Mandated Lead Arrangers and commercial lenders.
DNB and HSBC Bank acted as ECA structuring advisors with HSBC also acting as ECA coordinator.
Commenting on the financing, BW LPG Chief Executive Officer, Nicholas Gleeson said:
“We are very pleased with this financing, which leverages the well-priced Korean ECA lending to provide an exceptional all-in cost and structure.”
The Facility comprises the following:
The debt financing will be secured against seven of the Company’s VLGC newbuildings. The blended margin over LIBOR applicable across all tranches of the financing is 1.70% p.a., and the weighted average amortisation profile will be 18 years.
The full completion of this transaction remains subject to customary closing conditions. BW LPG expects to close the first drawdown under the transaction in February.
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