zoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license Singapore-based gas carrier owner Epic Gas has completed the refinancing of a further five LPG carriers in partnership with Crédit Agricole Corporate and Investment Bank.The new USD 34 million facility has a term of five years, and has allowed the company to reduce its margin by 85 bps.Proceeds from the facility were used to repay amounts outstanding of USD 28.5 million under the existing facilities expiring in 2019. Epic Gas added that the balance of USD 5.5 million will be used for general corporate purposes.Earlier this year, the company refinanced four vessels through sale-and-lease-back transactions with Japanese ship owners for 5-10 years, reducing interest and amortisation by USD 1.4 million per year.That leaves Epic Gas with one ship for potential refinancing prior to the loan expiry in November 2019, which has a balloon amount of just USD 6.5 million. There are no further loan expiries before 2022.“As a result of these transactions, Epic Gas has been able to reduce its annual financial expense, free up capital and optimize its liquidity and capital structure, as its loan to value stands at 51%, a conservative figure for our industry,” Uta Urbaniak-Sage, the Chief Financial Officer of Epic Gas, said.“Looking ahead, we remain optimistic, as the LPG market is showing signs of gradual improvement and our company is well positioned to benefit from them,” Urbaniak-Sage concluded.
Ozzy Osbourne and The Village studios owner/CEO Jeff Greenberg were honored at the 10th annual MusiCares MAP Fund benefit concert on May 12 in Los Angeles.Ozzy Osbourne Honored By MusiCaresCredit/Copyright: Kevin Mazur/Wireimage.com via Grammy.orgThe concert featured performances by Beth Hart with Chad Smith, Metallica, Keb’ Mo’, and Osbourne featuring Billy Morrison, Dave Navarro and Slash. All proceeds from the concert will benefit the MusiCares MAP Fund, which provides members of the music community access to addiction recovery treatment regardless of their financial situation.See the live-blog of the evening here.Source:Grammy.org