Navigator Gas Holdings is asking its bondholders to help it through some relatively lean times as it sets sights on completion of an ethylene export terminal in Texas later this year.
Navigator wants holders of $100m in Norwegian bonds due in 2022 to grant it relief on an interest coverage ratio and to extend a restriction on paying dividends.
The concessions would put the bonds in line with terms of Navigator’s senior credit facilities as it already has negotiated amendments with its lenders, according to a filing today with the Oslo Stock Exchange.
