BW LPG successfully closes two key financing facilities

17 Jul 2025 07:00 CEST

Singapore, 17 July 2025

BW LPG Limited (“BW LPG”, OSE ticker code: “BWLPG.OL”, NYSE ticker code “BWLP”)
has successfully closed two key financing facilities - a USD380 million Term
Loan and Revolving Credit Facility, and a USD215 million Term Loan Facility.
These facilities enable BW LPG to finance the finalised acquisition of Avance
Gas fleet last year, refinance existing debt and support the fleet renewal of
our Indian subsidiary as well as improve BW LPG’s overall funding cost and
liquidity profile.

The USD380 million Term Loan and Revolving Credit Facility, secured at a highly
competitive margin, was supported by seven of our banking partners, with its
proceeds used to finance vessels acquired from Avance Gas which was completed at
the end of 2024. With the closing of this facility, BW LPG terminated its
shareholder loan of USD250 million in June 2025 ahead of its expiry.

In parallel, BW LPG India has secured a USD215 million Term Loan Facility to
refinance its existing debt and to support the acquisition of two modern VLGCs,
BW Chinook and BW Pampero, from BW LPG as previously announced. This facility
supports BW LPG India’s continuous fleet renewal plan amid the sustained growth
of India’s LPG demand. BW LPG India, a subsidiary participated by Maas Capital
Shipping and Global United Shipping, currently owns and operates India’s largest
fleet of VLGCs. Following the acquisition of these two VLGCs, BW LPG India will
own nine VLGCs.

The USD215 million Term Loan was finalised with a significantly improved margin
compared to the previous facility. It received strong backing from our five
banking partners lending through their branches in Gujarat International Finance
Tec-City (GIFT), India, enabling an overall financing costs reduction including
benefit from withholding tax exemptions on interest payments.

“We are pleased to have successfully closed these key financing arrangements
with enhanced terms and strong participation from both new and existing bank
partners,” says Kristian Sorensen, CEO of BW LPG. “This reaffirms the robust and
ongoing support of our global banking network, and enhances our liquidity
through dynamic markets ahead of us. We extend sincere gratitude to our partner
banks across both facilities for their unwavering support to BW LPG.”

The facilities drew support across ten banks including Citibank N.A., DBS Bank
Ltd., Development Bank of Japan Inc., DNB Bank ASA, ING, Mizuho Bank, Ltd., MUFG
Bank, Ltd., OCBC, Skandinaviska Enskilda Banken AB (publ) and Standard
Chartered.


For further information, please contact:

Samantha Xu
Chief Financial Officer
investor.relations@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and
operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total
carrying capacity of over 4 million CBM. With five decades of operating
experience in LPG shipping, an in-house LPG trading division and investment in
LPG downstream distribution, BW LPG offers an integrated, flexible and reliable
service to customers along the LPG value chain. Delivering energy for a better
world – more information about BW LPG can be found at https://www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved
in shipping, floating infrastructure, deepwater oil & gas production, and new
sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of
over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and
LPG ships constituting the largest gas fleet in the world. In the renewables
space, the group has investments in solar, wind, batteries, and water treatment.

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