NVGS News & Events

Navigator Holdings announced it signed a non-binding letter of intent with Bernhard Schulte and Sloman Neptun Schiffahrts-Aktiengesellschaft for the sale by the company to the buyers of eight gas carriers as well as the company's shareholding in the Unigas International B.V. joint venture, which currently commercially manages the vessels, for an aggregate purchase price of approximately $183M. On completion of the proposed transaction, Navigator Gas will fully exit the Unigas Pool, which will continue to operate with the remaining existing partners, Sloman Neptun and Bernhard Schulte. The proceeds from the proposed transaction are expected to be used for general corporate purposes.

The deal size was increased to 8.0M shares from 7.0M and priced below last closing price of $19.17. Citi, DNB Carnegie, Fearnley and Pareto are acting as joint book running managers for the offering.

Navigator Holdings announced that BW Group Limited, the selling shareholder of the company, is offering for sale to the public a total of 7M shares of the company's common stock. The company is not offering any shares of its common stock in the secondary offering and will not receive any proceeds from the sale of its shares of common stock in the secondary offering. In addition, the company intends to purchase from the underwriters in the secondary offering 3.5M shares of common stock, at a price per share equal to the public offering price. The completion of the secondary offering is not conditioned upon the completion of the share repurchase. Citigroup, DNB Carnegie, Fearnley Securities and Pareto Securities are acting as joint book-running managers for the offering.