BW LPG secures funds for VLGC newbuildings

BW LPG said that it has signed a facility agreement for a debt facility of up to USD400 million for financing seven of its VLGC newbuildings.

The financing has been raised from The Export-Import Bank of Korea as Export Credit Agency lender, with DNB Asia Limited and Skandinaviska Enskilda Banken, Singapore Branch, as Mandated Lead Arrangers and commercial lenders, the company informed in a statement.

DNB and HSBC Bank acted as ECA structuring advisors with HSBC also acting as ECA coordinator.

The debt financing will be secured against seven of the company’s VLGC newbuildings.

The company expects to close the first drawdown under the transaction in February.

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Image: BW LPG