Liquefied pure fuel (LNG) transport specialist Flex LNG has secured financing for the 2019-built provider Flex Brave. The corporate mentioned in a media launch it accomplished a $175 million JOLCO lease financing, which generated web proceeds of roughly $42 million, extending debt maturity to 2035 and lowering the price of debt by 1.5 % per yr.
The corporate earlier secured as much as 10 years of further backlog for the vessel. The JOLCO lease financing is the preliminary step of three anticipated vessel refinancings below the Steadiness Sheet Optimization Program 3.0, which Flex LNG outlined in its first-quarter 2025 presentation following the acquisition of a mixed contract backlog extending as much as 37 years for the three vessels.
Flex LNG mentioned it stays on observe to finish the refinancing of Flex Resolute and Flex Constellation within the second half of 2025. The mixed refinancing efforts are anticipated to generate $120 million in web proceeds, whereas additionally extending debt maturities and lowering the general price of debt.
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By the conclusion of the primary quarter of 2025, Flex LNG had a money reserve of $410 million.
“We’re happy to have accomplished our first refinancing of 2025 at very engaging phrases. We sincerely admire the continued belief and assist from our banking companions and lease suppliers”, Knut Traaholt, CFO of Flex LNG Administration AS, mentioned. “With this transaction accomplished, we now flip our consideration to the deliberate refinancings of Flex Resolute and Flex Constellation, persevering with our efforts to additional strengthen Flex LNG’s monetary platform”.
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