Awilco LNG ASA – Refinancing signed

With reference to the press release dated December 4, 2023, Awilco LNG ASA (the Company) is pleased to announce that the documentation for the refinancing of the Company’s two 2013-built 156,000 cbm TFDE LNG carriers WilForce and WilPride has today been signed.

The sale/leaseback facility is provided by China Development Bank Financial Leasing Co. Ltd. (CDB Leasing), a leading leasing house in China. The new facility will enable a full take out of the Company’s current sale/leaseback facilities. The facility bears a longer amortisation profile and a longer tenor than the current facility and the floating interest rate structure has a lower margin all of which substantially reduces the Company’s running cost and cash break-even level.

The Company will expense remaining capitalized expenses related to the previous financing in the first quarter of 2024. This is compensated by the USD 10,000 per day per vessel reduction in cash break-even with the new financing.

The facility is expected to close on delivery of the vessels to CDBL late second or early third quarter 2024 depending on customary closing conditions.

Jon Skule Storheill, CEO of Awilco LNG ASA, stated: “We are pleased to mark the start of our long-term relationship with CDB Leasing with this transaction and are at the same time pleased to see our finance cost improve and support the Company’s commercial strategy.”
Source: Awilco LNG ASA