EXMAR announced on Wednesday (Oct 03)  that it has received a firm commitment for the refinancing of its ten fully-owned pressurized vessels.

Refinancing of EXMARs pressurized fleet
Caption: LPG tanker Magdalena - Image courtesy of Aart van Bezooijen

The fleet is currently 100% chartered out and will be refinanced through several sale and leasebacks with Japanese owners for a period of up to six years.

The refinancing of its pressurized fleet will generate approximately USD 60.0 million of free cash to EXMAR.

The transaction is subject to documentation and expected to close in the fourth quarter of this year with a partial drawdown in 2018 and the balance in the first quarter of 2019.

EXMAR and its new Japanese partners are pleased to enter in this new structure together. Credit Agricole Corporate & Investment Bank is acting as the sole arranger of the financing.

 Vessel's Name  Capacity  Delivery Date
 Fatime  5,018 m³  Sept 2010
 Anne  3,541 m³  Feb 2010
 Helane  5,018 m³  Aug 2009
 Sabrina  5,019 m³  March 200
 Magdalena  3,541 m³  Oct 2008
 Elisabeth  3,542 m³  March 2009
 Marianne  3,539 m³  Sept 2009
 Angela  3,540 m³  Jan 2010
 Debbie  3,518 m³  May 2009
 Joan  3,540 m³  July 2009

Source: EXMAR