HAMILTON, Bermuda, Oct. 3, 2024
/PRNewswire/ -- Flex LNG Ltd ("Flex LNG" and/or the "Company")
(NYSE: FLNG) (OSE: FLNG) is pleased to announce today that the
aggregate $430 million of new
financings announced in the Q2-2024 report have been completed
according to plan with net proceeds of about $97 million.
On September 24, 2024, 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. Consequently, the Flex Endeavour was unencumbered at end
of Q3-2024.
On October 3, 2024, the Company
successfully closed the new $160
million JOLCO lease for Flex Endeavour at very attractive
terms.
As announced in the Q2-2024 earnings presentation, 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.
Knut Traaholt, CFO of Flex LNG
Management AS, commented:
"We are pleased to have completed another round of refinancings
at very attractive terms. 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. We are grateful
for the trust and strong support from our banks and lease providers
which have resulted in a very attractive funding platform for Flex
LNG. Our financial strength together with the substantial charter
backlog provide us with significant commercial and financial
flexibility to further develop the Company."
For further information, please contact:
Mr. Knut Traaholt, Chief Financial
Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com
About FLEX LNG
Flex LNG is a shipping company focused on the growing market for
Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG
carriers on the water and all of our vessels are state-of-the-art
ships with the latest generation two-stroke propulsion (MEGI and
X-DF). These modern ships offer significant improvements in fuel
efficiency and thus also carbon footprint compared to the older
steam and four-stroke propelled ships. Flex LNG is listed on the
New York Stock Exchange as well as Oslo Stock Exchange under the
ticker FLNG. For more information, go to: www.flexlng.com
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SOURCE Flex LNG
