Bermuda, 3 December 2020 - Avance Gas Holding Ltd (“AGAS” or the “Company”) is pleased to announce the successful closing and completion of the $45 million sale and leaseback transaction with a Chinese leasing house previously announced in August 2020. The financing has a 10 year tenor, with a termination option for the leasing house at year 5, and repurchase options in favor of Avance from year 2. Following repayment of debt, the transaction generated approximately $10 million in net cash proceeds and yields a cash break even rate of approximately $19,500/day.
For further queries, please contact:
Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29
Email: randi.navdal@avancegas.com
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 two Dual Fuel LPG newbuildings due for delivery in 2021 and 2022.
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