DORIAN LPG LTD. (NYSE:LPG) Files An 8-K Entry into a Material Definitive Agreement

DORIAN LPG LTD. (NYSE:LPG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

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As previously disclosed, on June 8, 2017, the Company entered into a $97.0 million agreement providing for a senior secured bridge term loan (as subsequently amended, the "2017 Bridge Loan") by and among Corsair LPG Transport LLC, CNML LPG Transport LLC, CMNL LPG Transport LLC, CJNP LPG Transport LLC, as borrowers, the Company, as parent guarantor, DNB Markets, Inc., as mandated lead arranger and book runner, DNB Bank ASA, New York Branch, as facility agent and security trustee, and DNB Capital LLC, as lender. As previously disclosed, the 2017 Bridge Loan was subsequently amended on November 7, 2017 in connection with the refinancing of the Corsair, the repayment of $30.1 million of the outstanding principal amount of the 2017 Bridge Loan and the release of Corsair LPG Transport LLC under the 2017 Bridge Loan.

As of December 8, 2017, the parties to the 2017 Bridge Loan entered into an amendment to extend the maturity date of the facility from August 8, 2018 to December 31, 2018 (the "New Maturity Date"), and to revise the interest rate payable under the facility to LIBOR plus 2.50% from December 8, 2017 to March 31, 2018, LIBOR plus 6.50% from April 1, 2018 to June 30, 2018 and LIBOR plus 8.50% from July 1, 2018 until the New Maturity Date. The lender will also receive a one-time fee of 0.25% of the outstanding debt. All other terms in the 2017 Bridge Loan remain unchanged and are as described in the Company's Current Report on Form 8-K that was filed with the Commission on June 12, 2017.

The foregoing description of the amendment to the 2017 Bridge Loandoes not purport 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.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number

Description

Amendment Agreement, dated as of December 8, 2017, relating to the Loan Agreement providing for a Senior Secured Bridge Term Loan of US$97,000,000, by and among CNML LPG Transport LLC, CMNL LPG Transport LLC, and CJNP LPG Transport LLC, as borrowers, the Company, as parent guarantor, DNB Markets, Inc., as mandated lead arranger and book runner, DNB Bank ASA, New York Branch, as facility agent and security trustee, and DNB Capital LLC, as lender.


DORIAN LPG LTD. Exhibit
EX-10.1 2 d7764684_ex10-1.htm Exhibit 10.1 AMENDMENT AGREEMENT RELATING TO LOAN AGREEMENT DATED AS OF JUNE 8,…
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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.

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