Belgian LNG shipping specialist Exmar continues to chip away at a looming bond maturity through its latest buyback.
The Nicolas Saverys-controlled company said it had purchased another NOK 87m of a three-year issue worth NOK 650m expiring in May.
The shipowner has now acquired NOK 135m of the 6.86% bond.
Another NOK 515m remains outstanding, but Exmar has said it has a loan and enough cash in place to redeem the debt.
The bond was issued in 2019 to repay an earlier issue.
In November 2021, Exmar said it had sealed a new $50m loan with London-listed infrastructure investor Sequoia Economic Infrastructure Income Fund (SEQI) to help pay off the notes.
The three-year SEQI facility carries interest at Libor plus a margin of between 7% and 8.75%, depending on net leverage.
The balance of the bond will be repaid with available cash.
Money is available after an arbitration ruling last year that saw trader Gunvor Group pay Exmar $56.8m in a floating storage and regasification barge charter dispute.
An arbitration panel ruled in Exmar’s favour in May in a row involving Gunvor’s hire of Exmar’s 25,000-cbm FSRU S188 (built 2017).
LNG carrier up for sale
In February, TradeWinds reported that the shipowner is circulating its last remaining LNG carrier for sale as companies take a fresh look at their steam turbine vessels in advance of incoming emissions regulations in 2023.
Those close to Exmar said the 138,000-cbm steam turbine ship Excalibur (built 2002) was initially committed to Chinese buyers — named as Xingdao Ocean Energy Co — at the end of 2021.
Brokers’ notes said that under the deal a price in the region of $35m to $36m was agreed on the membrane-type vessel but the sale did not go through.
