NVGS - Navigator announces secured term loan and revolving credit facility

• Navigator ( NYSE: NVGS ) on Friday announced a secured term loan and revolving credit facility of up to $111.8M to refinance its existing January 2015 secured loan facility and for general corporate purposes.
• The full loan amount will be drawn on December 12 and will be used to repay the existing loan facility in the outstanding amount of $33.3M and $78.5M for general corporate purposes.
• The new term loan and revolving credit facility bears interest on a quarterly basis at SOFR plus 209 bps.
• The amount of the facility will be reduced quarterly by $3.1M, followed by a final balloon payment on December 7, 2028, of ~$65M.
• Navigator ( NVGS ) also informed Nordic Trustee of its exercise of the call option to redeem all bonds outstanding under its NOK 600M senior secured bond, with maturity date November 2, 2023.
• The bonds will be repaid at a price equal to 101.79% of par value (plus accrued interest pursuant), with settlement date of December 23.

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