DORIAN LPG LTD. (NYSE:LPG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
an Amendment No. 2 (the “Bank Amendment”) to the $758 million
facility agreement originally dated March 23, 2015, as amended,
by and among Dorian LPG Finance LLC, as borrower, the Company, as
facility guarantor, certain wholly-owned subsidiaries of the
Company as upstream guarantors, ABN Amro Capital USA LLC,
Citibank N.A., London Branch, ING Bank N.V., London Branch, and
DVB Bank SE, as bookrunners, and the lenders party to the
agreement (the “2015 Debt Facility”).
Amendment are as follows:
to prepay debt, interest and certain fees. $24.8 million of the
released restricted cash will be applied to the next two debt
principal payments. The Company has agreed to recontribute $22.0
million to the restricted cash account over the next 12 months,
unless it completes a common stock offering with net proceeds of
at least $50.0 million, in which case the Company will be
required to maintain a minimum of at least 5% of the total
principal amount of the facility in the restricted cash account.
permanently reduced to $40.0 million, and the definition thereof
has also been expanded for one year to capture other cash
balances previously excluded.
consolidated net interest expense shall be reduced from 2.00x to
1.25x for the twelve months ending March 31, 2018 and to 1.50x
for the twelve months ending March 31, 2019. Thereafter, the
covenant shall revert to the previously agreed level of 2.50x.
the outstanding debt) has also been amended to 125% for the
twelve months ending March 31, 2018 and 130% for the twelve
months ending March 31, 2019. Thereafter, the covenant shall
revert to the previously agreed level of 135%.
with net proceeds of at least $50 million, limitations related to
the Company’s ability to declare dividends and repurchase shares
of Company stock, as introduced in the Bank Amendment, will be
eliminated, and the minimum liquidity requirement will be further
decreased. In any event, such limitation on dividends and share
repurchases will terminate two years from the date of the Bank
Amendment.
with the Bank Amendment.
to be complete and is qualified in its entirety by reference to
the full text thereof, which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated by reference into
this Item 1.01.
the Bank Amendment.
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Exhibit Number
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Description
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10.1
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Amendment No. 2 dated May 31, 2017 to the facility
agreement originally dated March 23, 2015, as amended, by and among Dorian LPG Finance LLC, as borrower, the Company, as facility guarantor, certain wholly-owned subsidiaries of the Company as upstream guarantors, ABN Amro Capital USA LLC, Citibank N.A., London Branch, ING Bank N.V., London Branch, and DVB Bank SE, as bookrunners, and the lenders party to the agreement. |
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99.1
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Press Release dated June 1, 2017.
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About DORIAN LPG LTD. (NYSE:LPG)
Dorian LPG Ltd. is a holding company. The Company, through its subsidiaries, is focused on owning and operating very large gas carrier (VLGCs) in the liquefied petroleum gas (LPG) shipping industry. The Company is engaged in the transportation of LPG across the world through its ownership and operation of LPG tankers. As of March 31, 2016, the Company owned and operated a fleet of 22 VLGCs, including 19 84,000 cubic meter (cbm) ECO-design VLGCs (ECO VLGCs) and three 82,000 cbm VLGCs. The VLGCs in its fleet had an aggregate carrying capacity of approximately 1.8 million cbm at May 26, 2016. It provides in-house commercial and technical management services for all of its vessels. As of May 26, 2016, its VLGCs included Captain Nicholas ML; Captain John NP; Comet; Corsair; Corvette; Cougar; Concorde; Cobra; Continental; Commodore; Constellation; Cheyenne; Cratis; Chaparral; Commander, and Challenger. The Company’s customers include global energy companies, commodity traders and importers. DORIAN LPG LTD. (NYSE:LPG) Recent Trading Information
DORIAN LPG LTD. (NYSE:LPG) closed its last trading session up +0.34 at 8.15 with 124,857 shares trading hands.
