New York-listed Navigator [ds_preview]Holdings successfully issued a 100 mill $ senior unsecured bond on the Nordic bond market. New debt will compensate current bondholders for early redemption.
The new bonds will mature in February 2021 and have a fixed coupon of 7.75% per annum. The transaction is subject to customary closing conditions and settlement is expected to occur on February 10.
The gas carrier‘s notice came after announcing the new issuance earlier this week.The net proceeds will be used to repay the outstanding debt on a 2012-issued 125 mill. $ bond that is scheduled to mature on December 18, 2017, it said.
The new $100m bond adds to the company’s liabilities backlog, which grew most recently with a 220 mill. $ loan facility obtained in November backed by 10 vessels.
in November 2016 Navigator, which boasts a fleet of 38 vessels, reported a net profit drop for the third quarter to 6.5 mill. $ compared with 23.8 mill. $ seen in the year-ago quarter, amid gas market weakness. Revenue in the quarter fell to 69.7 mill. $ versus 78.2 mill. $in the 2015 quarter. Total operating expenses rose from 47.1 mill. $ to 55.2 mill. $.
