Greek shipping company StealthGas Inc. has received commitment letters for two senior secured credit facilities to fund four new 22,000 cbm semi-ref gas carriers scheduled to be delivered in 2017.
These facilities, with a combined amount of some USD 140 million, will cover approximately 65 percent of the vessels’ contract prices, or up to 70% of the contract prices based on the employment status of the vessels upon drawdown.
According to the company, the credit facilities, which remain subject to definitive documentation, will each consist of two tranches, having maturities of eight years after delivery of the vessels.
StealthGas added that with these credit commitments, it now has a fully funded orderbook.
“Now with a fully funded orderbook, our focus is to continue with the successful delivery of our remaining eco newbuidlings so as to maximize returns for our investors,” Michael Jolliffe, Chairman of StealthGas, said.
Primarily serving the liquefied petroleum gas (LPG) sector, StealthGas currently has a fleet of 49 LPG carriers, excluding the two chartered in vessels, with a total capacity of 239,187 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 dwt.
The company has agreed to acquire a further 5 LPG carriers with expected deliveries ranging from the remaining of 2016 to 2017.