Avance Gas Holding Ltd – Signature of a financing linked to sustainable development for the first two new dual-fuel buildings
Bermuda, July 7, 2021 – Avance Gas Holding Ltd (the “Company”) is pleased to announce the successful signing and completion of the previously announced $ 104 million sustainability linked term facility with a banking syndicate in May 2021. The transaction will guarantee the financing of the first two new dual-fuel buildings, Avance Polaris and Avance Capella, which are scheduled for delivery in the fourth quarter of 2021 and in the first quarter of 2022. The installation is due at the earliest of five years from the delivery of the second new building and in June 2027. Funding is expected to be drawn upon delivery of the ships from the shipyard.
The facility has an annual sustainability margin adjustment mechanism linked to the Company’s ambition to reduce and exceed the carbon intensity targets set in the Poseidon Principles. The new dual fuel buildings will significantly reduce our carbon footprint, and sustainability funding once again demonstrates our commitment to decarbonizing the shipping industry with the support of the banking union at this facility.
For further questions, please contact:
Randi Navdal Bekkelund, Chief Financial Officer
Phone: +47 22 00 48 29
E-mail: [email protected]
ABOUT ADVANCE GAZ
Avance Gas operates in the global liquefied petroleum gas (LPG) transport market. The Company is one of the world’s leading owners and operators of Very Large Gas Carriers (VLGCs) and operates a fleet of thirteen modern vessels and six new LPG dual fuel vessels scheduled for delivery in Q4 2021, Q1 2022, Q4 2022 and Q1-Q4 2023 For more information on Avance Gas, please visit www.avancegas.com.
This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.