Flex LNG said it has agreed terms with Metrogas Holdings, a Geveran Trading unit, for a working capital loan of $7 million.
The company expects to draw the loan shortly, once all documentation has been completed. Flex LNG also expects that the loan will cover approximately 18 months of working capital, on current budgeted expenditures.
“ The agreement has been negotiated on an arm’s length basis and is within the exemption under article 13.1 (b) of the Company’s Memorandum of Association, for related party transactions ,” Flex LNG said in a statement.
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Press Release; Image: Flex LNG