Avance Gas Holding Ltd announced on Monday (Oct11) that the company has signed a term sheet for the refinancing of the VLGC Iris Glory (2008) by way of a sale leaseback transaction with a Japanese lessor.
The $41.65 million refinancing bears an implied 22-year age adjusted repayment profile with a tenor of 9 years and will generate net cash proceeds of approximately $16.6 million.
The transaction is subject to board and credit approval, normal documentation and closing procedures, and is expected to close in Q4 2021.
Source: Avance Gas