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The owner of 13 LNG carriers announced the two facilities in its second-quarter results report.
According to a statement by Flex LNG on Thursday, the completion of the financings resulted in net proceeds of about $97 million.
On September 24, the new $270 million bank facility financing Flex Aurora and Flex Ranger was completed, and the previous $375 million bank facility was repaid in full, it said.
Consequently, Flex Endeavour was unencumbered at the end of the third quarter of 2024, according to Flex LNG.
On October 3, the company closed the new $160 million JOLCO lease for Flex Endeavour at “very attractive terms.”
As announced in its second-quarter results, Flex LNG had a cash balance of $370 million on June 30, 2024, thus with the completion of these refinancings, the company will add to an already “substantial” cash balance, it said.
“We highly appreciate the efforts of all involved parties for another smooth closing, and we welcome a new international shipping bank to our banking group,” Knut Traaholt, CFO of Flex LNG said.
“Our financial strength together with the substantial charter backlog provide us with significant commercial and financial flexibility to further develop the company,” he said.
The company has 12 LNG carriers on fixed hire time charters, including to US LNG exporter Cheniere, while the LNG carrier Flex Artemis trades in the spot market.
In May, the company secured a new charter deal with a “large Asian LNG importer” for the 2019-built 173,400-cbm, Flex Constellation, the company’s fourth contract so far this year.
In April, Flex LNG clinched a time charter extension from Cheniere for its 2018-built 173,400-cbm LNG carrier, Flex Endeavour.
Prior to this, Flex secured two charter extensions from UK-based energy giant BP for the 2019-built 173,400-cbm, Flex Courageous, and the 2020-built 173,400-cbm LNG carrier, Flex Resolute.