Dorian LPG enters into $97 million bridge loan via DNB Capital

By Tali Rackner

Minneapolis, June 9 – Dorian LPG Ltd. entered into $97 million bridge loan agreement with DNB Capital LLC, according to a Friday news release.

The bridge loan matures on Aug. 8, 2018.

Interest is equal to Libor plus 250 bps for the period ending Dec. 7, stepping up to Libor plus 450 bps through March 7, 2018, to Libor plus 650 bps through June 7, 2017 and to Libor plus 850 bps through maturity.

There are no scheduled amortization payments.

Proceeds were used to repay the remaining outstanding debt of $98.6 million under the company's secured bank debt facility with Royal Bank of Scotland plc for $94.7 million. As part of the refinancing, $6 million of cash previously restricted under the RBS facility was released as unrestricted cash for use in operations.

The bridge loan includes financial covenants that are substantially similar to those in the company's amended $758 million debt financing facility entered into in March 2015.

Dorian LPG is a Stamford, Conn., owner and operator of very large gas carriers.

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