Avance Gas Signs Term Sheet for the Refinancing of the VLGC Iris Glory (2008)

Source: www.gulfoilandgas.com 10/11/2021, Location: South America

Avance Gas Holding Ltd 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.


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