Energy News Beat
John Fredriksen-backed Flex LNG has arranged a $175m lease financing for its 173,400 cu m Flex Courageous LNG carrier.
The JOLCO refinancing deal will generate net proceeds of approximately $42m and extend debt maturity to 2035. The deal will also significantly reduce the cost of debt by around 1.5% per annum.
The refinancing of the vessel follows the announcement of up to 10 years of additional backlog agreed to with BP in November last year.
This lease is the first of three planned vessel refinancing deals. The other two will be for the Flex Resolute and Flex Constellation. The decision to refinance all three vessels came after securing up to 37 years of combined contract backlog.
The other two refinancing deals should be completed in the second half of 2025, and release $120m in net proceeds, while also extending debt maturities and reducing the overall cost of debt. At the end of the first quarter of this year, Flex LNG held a cash balance of $410m.
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The post Flex LNG hammers out $175m refinancing deal for LNG carrier appeared first on Energy News Beat.
