Flex LNG has amended the terms of a loan that will provide the company with much needed liquidity ahead of its first newbuilding delivery.
The company’s working capital facility provided by Metrogas Holdings has been increased from $7m to $14.5m.
And the repayment date has been moved to April 2018 while the interest rate of the loan remains unchanged.
John Fredriksen-contolled Flex LNG said funds can be drawn half yearly as needed.
The company was looking for additional funds prior to delivery of its first newbuilding in 2017.
Flex LNG added the amended agreement will cover working capital costs until delivery of vessels under construction in 2018.
Its cash balance as of 31 December 2015 was $3.7m, down from $6.7m a year ago.
