Conyers Dill & Pearman advised the agents in connection with an amendment to each of the US$450 million and US$200 million facilities for Avance Gas Holding Ltd. The amendment provides that, for a 2.5 year period commencing on 1 January 2017, amortization payments on both facilities will be reduced by 50%, deferring a total of US$55 million of amortization payments over the period.
The amendment to the facilities is to strengthen the company’s balance sheet and prepare for a prolonged market downturn, while retaining an attractive and levered exposure to the LPG freight market.
The agreement with the banks is conditional upon Avance Gas Holding Ltd raising a minimum of US$55 million of new equity.
Conyers’ director, Guy Cooper worked on the matter.