Avance Gas Holding Ltd – Signed Sustainability-Linked Financing for the two first dual fuel newbuildings
Bermuda, 7 July 2021 – Avance Gas Holding Ltd (the “Company”) is pleased to announce the successful signing and completion of the $104 million sustainability-linked term facility with a bank syndicate previously announced in May 2021. The transaction will secure financing of the two first dual fuel newbuildings, Avance Polaris and Avance Capella, scheduled for delivery in Q4 2021 and Q1 2022. The facility has a maturity at the earlier of five years from delivery of the second newbuilding and June 2027. The financing is expected to be drawn upon delivery of the vessels from the shipyard.
The facility has an annual sustainability margin adjustment mechanism linked to the Company’s ambition to reduce and outperform the carbon intensity targets set in the Poseidon Principles. The dual fuel newbuildings will significantly lower our carbon footprint and the sustainability-linked financing further demonstrates our commitment to de-carbonisation of the shipping industry with support from the bank syndicate in this facility.
For further queries, please contact:
Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29
ABOUT AVANCE GAS
Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carrier (VLGC) and operates a fleet of thirteen modern ships and six Dual Fuel LPG newbuildings due for delivery in Q4 2021, Q1 2022, Q4 2022 and Q1-Q4 2023. For more information about Avance Gas, please visit www.avancegas.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.