Dorian LPG Agrees Sale and Leaseback for Corvette(marine crane;offshore crane)
Mar 22, 2018

dorian_lpg.pngThe company’s third Japanese financing deal was completed on similar terms as the two prior Japanese financing transactions.

The arrangement, amounting to USD 70 million, resulted in net cash proceeds of USD 56 million, USD 33.7 million of which was used to repay a portion of Dorian LPG’s 2015 debt facility.

The Corvette Japanese Financing has a mandatory buyout in 2031 with early purchase options from March 16, 2021. The agreement also has a 17.3 year amortization profile, and carries a fixed interest rate of 4.9%.

Earlier in 2018, Dorian LPG reached a sale and bareboat charter arrangement for the 84,000 cbm carrier Concorde under the same terms. The previous USD 70 million deal closed on January 31, 2018. Out of the amount, USD 35.1 million was used to repay a portion of the outstanding principal on the USD 758 million debt financing facility that Dorian LPG entered into in March 2015.

During the third quarter ended December 31, 2017, Dorian LPG entered into a USD 65 million sale and bareboat charter arrangement for the 84,000 cbm Corsair. The Corsair Japanese Financing deal resulted in net cash proceeds of USD 52 million, USD 30.1 million of which were used to repay a portion of the company’s existing bridge loan agreement with DNB Capital LLC. The Corsair Japanese Financing has a mandatory buyout in 2029 with purchase options from November 7, 2019 onwards and carries a fixed interest rate of 4.9%.

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