Enhanced Investments - Financial Portal

Flex LNG - Finalize the Balance Sheet Optimization Programme

Published: 2023-03-24 06:05:00 ET

Hamilton, BermudaMarch 24, 2022

Flex LNG Ltd (“Flex LNG” and/or the “Company”) (NYSE/OSE: FLNG) is today pleased to announce that the Balance Sheet Optimization Programme has been finalized with the signing of the $290m loan agreement for the refinancing of Flex Freedom and Flex Vigilant.

Since our Q4 earnings report on February 14, 2023, we have completed the refinancing of Flex Aurora, Flex Artemis and Flex Amber during February, while the lease for Flex Rainbow and the refinancing of Flex Freedom and Flex Vigilant were closed in March.

As announced in the Q4 earnings presentation, these financings will provide Flex LNG with $204m in net cash proceeds in Q1. At year-end 2022, Flex LNG had a cash balance of $332m thus these re-financings further add to an already substantial cash balance.

Knut Traaholt, CFO of Flex LNG Management AS, commented:“We are pleased to have completed our approx USD 2 billion refinancing process according to plan and on schedule despite the recent turmoil in the financial markets. We are grateful for the trust and support from our banks and lease providers which have resulted in a very attractive funding platform for Flex LNG. We have during the last 16 months refinanced all ships in the Flex LNG fleet, not only significantly boosting our cash position in total by $387m, but also reduced interest margin significantly and stretched the repayment and maturity profiles with the first loan not due before 2028. Our financial strength together with the substantial charter backlog provide us with significant commercial and financial flexibility to further develop the Company ”.

About FLEX LNGFlex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. We have built up a significant contract backlog, having 12 of our 13 vessels on long term fixed rate charter contracts. Flex LNG is listed both on the New York Stock Exchange (NYSE) and Oslo Stock Exchange (OSE) under the ticker "FLNG". For more information, go to: www.flexlng.com

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.