Navigator Holdings announces entry into $147.6M secured term loan

Navigator Holdings announced that Navigator Atlas L.L.C., Navigator Aurora L.L.C., Navigator Europa L.L.C., Navigator Oberon L.L.C., and Navigator Triton has entered into a secured term loan and revolving credit facility dated August 9, 2024, with Credit Agricole Corporate and Investment Bank, ING Bank N.V., and Skandinaviska Enskilda Banken AB, pursuant to which such lenders made available to the Borrowers, up to a maximum amount of $147.6 million, subject to the terms and conditions set out in the Facility Agreement, to refinance the Company’s existing March 2019 secured loan facility, to fund the repurchase of the Navigator Aurora pursuant to the Company’s existing October 2019 sale and leaseback arrangement, and for general corporate and working capital purposes. The loan is available to the Company in two tranches: the first, in the amount of up to $100.8 million will be used to repay the Company’s existing March 2019 secured loan facility not later than August 31, 2024 in the outstanding amount of $58.9 million, and thereafter be available for general corporate and working capital purposes; the second, in the amount of up to $46.8 million is available to fund the repurchase of Navigator Aurora not later than October 31, 2024 in the amount of $44.8 million, and thereafter be available for general corporate and working capital purposes. The Facility Agreement will mature in August 2030 and amounts outstanding will bear interest on a quarterly basis at SOFR plus 190 basis points, which margin includes a sustainability-linked adjustment relating to fleet environmental criteria. The Facility Agreement is secured by up to five of the Company’s vessels. Obligations under the Facility Agreement are guaranteed by Navigator Gas L.L.C. and the Company. The Facility Agreement contains certain conditions, covenants and events of default.