The net proceeds from the transaction were $94.7 mill. Part of the proceeds was used to repay existing loans taken out to finance the vessels’ newbuilding contracts under the multi-bank loan facility announced on 3rd February, 2015.
Under the sale and leaseback agreements, the vessels were sold and delivered to ICBC.
At the same time, Navig8 agreed to bareboat charter the vessels back from ICBC and has purchase options to re-acquire the vessels during the charter period, with the first option exercisable on the second anniversary of the date of delivery of each vessel to ICBC, and obligations to repurchase the vessels at the end of the charter period.