Oslo-based LNGC owner, Flex LNG has raised net proceeds of $97 mill from the $430 mill of new financings recently completed.
On 24th September, the new $270 mill bank facility financing the LNGCs ‘Flex Aurora’ and ‘Flex Ranger’ was completed, and the previous $375 mill bank facility was repaid in full.
Consequently, the ‘Flex Endeavour’ was unencumbered at end of the third quarter of this year.
On 3rd October, the company successfully closed the new $160 mill JOLCO lease for ‘Flex Endeavour’ at very attractive terms.
As announced in the second quarter earnings presentation, Flex LNG had a cash balance of $370 mill on 30th June, 2024, thus with the completion of these refinancings, the company will add to an already substantial cash balance, it claimed.
Knut Traaholt, Flex LNG Management’s CFO, commented: “We are pleased to have completed another round of refinancings at very attractive terms.
“We highly appreciate the efforts of all involved parties for another smooth closing, and we welcome a new international shipping bank to our banking group.
“We are grateful for the trust and strong support from our banks and lease providers, which have resulted in a very attractive funding platform for Flex LNG.
“Our financial strength together with the substantial charter backlog provide us with significant commercial and financial flexibility to further develop the company,” he concluded.
