The ratings agency says the Sohmen-Pao company’s debt leverage will remain within its tolerance levels for a Ba2 rating.
And it added: “The acquisition of VLGCs will provide the company with more vessels that it can include in the collateral pool for lenders.”
Group company BW Gas is paying an estimated $310m to $320m for five modern units, and also taking five time chartered ships, three of which are on long term charter to Maersk.
BW
