Navigator Gas boosts financial standing
Navigator Holdings Ltd., known as Navigator Gas (NYSE: NVGS), has announced the successful placement of $100 million in senior unsecured bonds in the Nordic bond market. The bonds, which carry a fixed coupon rate of 7.25% per annum, are set to mature in October 2029.
As part of this transaction, Navigator Gas has notified Nordic Trustee AS of its decision to redeem the remaining $100 million of its existing senior unsecured bonds, maturing in September 2025. These bonds will be redeemed at 101.60% of par value, plus accrued interest, with a redemption date of November 1, 2024. The proceeds from the new bond issuance will be used for general corporate purposes.
The bond issue was supported by Arctic Securities and DNB Markets as Joint Global Coordinators and Bookrunners, with Clarksons Securities and Fearnley Securities serving as additional Bookrunners. Read more here.
About Navigator Gas
Navigator Gas operates the world’s largest fleet of handysize liquefied gas carriers, specializing in the transportation of petrochemical gases such as ethylene, ethane, liquefied petroleum gas (LPG), and ammonia. The company also owns a 50% stake in an ethylene export marine terminal located at Morgan’s Point, Texas. With a fleet of 56 semi- and fully-refrigerated carriers, Navigator Gas plays a crucial role in the liquefied gas supply chain, effectively connecting energy companies and commodity traders worldwide.
In other news, MARPRO Group is currently recruiting for a Vessel Manager Technical for Navigator Gas.