Dorian LPG, an owner and operator of very large gas carriers, has entered into a $97 million bridge loan agreement with DNB Capital. The proceeds of the bridge loan were used to repay the remaining outstanding debt of $98.6 million under the company’s secured bank debt facility with Royal Bank of Scotland for $94.7 million, and to pay fees and expenses associated with the transaction.
As part of the refinancing, $6 million of cash previously restricted under the RBS Loan Facility was released as unrestricted cash for use in operations. “We continue to actively strengthen our balance sheet and increase our financial flexibility,” said Dorian CEO John Hadjipateras. Repayment of the principal amount of the Bridge Loan is due on or before Aug. 8, 2018.