EPIC GAS LTD. – FINAL CLOSING OF PRIVATE PLACEMENT AND SYNDICATION OF CREDIT FACILITY
To download a copy of this release, please click here
Singapore, 20 July 2015
Epic Gas Ltd. (EPIC) announces final closing of USD 50 million Private Placement and syndication of USD 120 million credit facility
The 22,222,222 primary shares issued in the USD 50 million Private Placement are registered with the Norwegian Securities Depository. Following the transaction, the Company has 51,948,022 shares outstanding. Net proceeds from the transaction will be used to partly finance the construction of 7 pressurised LPG carriers under construction at leading yards in Japan.
The Company has mandated ABN AMRO Bank N.V. to serve as Lead Arranger and Co-ordinator for up to USD 120 million in post-delivery senior secured financing for the 7 vessels under construction. ABN AMRO, NIBC Bank N.V., and a third leading maritime lender have received credit approvals to commit to the full amount of the facility subject to final documentation. Epic Gas expects such financing to be completed during the third calendar quarter of 2015.
About Epic Gas
Epic Gas owns and operates a fleet of fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company controls a fleet of 45 vessels which serve the international supply chains of leading oil majors and commodity trading houses throughout Asia, Europe, Africa and the Americas.