Mobile Menu
Deals & Transactions

Conyers advises Avance Gas Holding Ltd. on amendments to US$450 million and US$200 million facilities

October 2016 Guy Cooper

Conyers Dill & Pearman advised the agents in connection with an amendment to each of the US$450 million and US$200 million facilities for Avance Gas Holding Ltd. The amendment provides that, for a 2.5 year period commencing on 1 January 2017, amortization payments on both facilities will be reduced by 50%, deferring a total of US$55 million of amortization payments over the period.

The amendment to the facilities is to strengthen the company’s balance sheet and prepare for a prolonged market downturn, while retaining an attractive and levered exposure to the LPG freight market.

The agreement with the banks is conditional upon Avance Gas Holding Ltd raising a minimum of US$55 million of new equity.

Conyers' director, Guy Cooper worked on the matter.

 


Guy Cooper
Director

BERMUDA   +1 441 299 4938


Accolades
_

"Few firms can come close to Conyers on one critical metric, and this is the breadth of the client base."
- IFLR1000

Related Jurisdictions

Bermuda


Related International Offices

Bermuda


Media Contact

For media enquiries, please contact media@conyersdill.com

Deals & Transactions

Conyers advises Avance Gas Holding Ltd. on amendments to US$450 million and US$200 million facilities

31 October 2016 Guy Cooper

Conyers Dill & Pearman advised the agents in connection with an amendment to each of the US$450 million and US$200 million facilities for Avance Gas Holding Ltd. The amendment provides that, for a 2.5 year period commencing on 1 January 2017, amortization payments on both facilities will be reduced by 50%, deferring a total of US$55 million of amortization payments over the period.

The amendment to the facilities is to strengthen the company’s balance sheet and prepare for a prolonged market downturn, while retaining an attractive and levered exposure to the LPG freight market.

The agreement with the banks is conditional upon Avance Gas Holding Ltd raising a minimum of US$55 million of new equity.

Conyers' director, Guy Cooper worked on the matter.

 


Guy Cooper
Director

BERMUDA   +1 441 299 4938


 

JURISDICTION(S)

Bermuda


International Office(s)

Bermuda