Exmar Refinances 10 Ships

Belgian gas transport and floating solutions specialist Exmar has received a firm commitment for the refinancing of its ten owned pressurized vessels.

The fleet is currently 100% chartered out and will be refinanced through several sale and leasebacks with unnamed Japanese owners for a period of up to six years, the company said in a press release.

The refinancing will generate approximately USD 60 million of free cash to Exmar.

The transaction is subject to documentation and expected to close in the fourth quarter of this year with a partial drawdown in 2018 and the balance in the first quarter of 2019.

"Exmar and its new Japanese partners are pleased to enter in this new structure together," said the release. However, Exmar has decided not to disclose the identities of the Japanese parties.

Credit Agricole Corporate & Investment Bank is acting as the sole arranger of the financing.