Navigator Holdings, a British transoceanic liquefied gas shipping company, has signed a US$300 million loan facility agreement with a syndicate of lenders led by Nordea Bank for the financing of eight vessels.

The senior term and revolving credit loan facility, which matures in 2031, will refinance two existing facilities and enable Navigator to borrow an additional US$142 million for general corporate and working capital purposes at a low margin of 170 basis points.

In addition to Nordea, the syndicate of lenders comprised Danish Ship Finance, Danske Bank, DNB, ING Bank, and Skandinaviska Enskilda Banken. Watson Farley & Williams advised Navigator.

Navigator Holdings is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in providing seaborne transportation services for petrochemical gases, such as ethylene and ethane, liquefied petroleum gas ( LPG ), and ammonia. The company also owns a 50% share in an ethylene export marine terminal at Morgan’s Point Texas in the Houston Ship Channel.

Navigator’s fleet consists of 56 semi- or fully-refrigerated liquefied gas carriers, 25 of which are ethylene and ethane-capable. The company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers, and commodity traders, with its sophisticated vessels providing an efficient and reliable “floating pipeline”.

The company is headquartered in London and listed on the New York Stock Exchange. Privately owned BW Group, which has its origins in the Hong Kong shipping empire of the late Sir Y.K. Pao, owns 21% of the shares in Navigator.