DORIAN LPG LTD.
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(Exact name of registrant as specified in its charter)
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Republic of the Marshall Islands
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001-36437
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66-0818228
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(IRS employer identification no.)
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c/o Dorian LPG (USA) LLC, 27 Signal Road, Stamford, Connecticut
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06902
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, par value $0.01 per share
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LPG
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New York Stock Exchange
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Item 1.01 |
Entry into a Material Definitive Agreement
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Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
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Item 8.01 |
Other Events
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Item 9.01. |
Financial Statements and Exhibits
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Exhibit Number
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Description
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99.1
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May 5, 2020
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DORIAN LPG LTD.
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(registrant)
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By:
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/s/ Theodore B. Young
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Theodore B. Young
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Chief Financial Officer
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Extension of the maturity of the refinanced commercial tranche from March 2022 until March 2025.
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Reduction of annual principal amortization from $12.3 million to $600,000 on the refinanced commercial tranche.
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Addition of a $25 million revolving credit facility, subject to customary availability conditions.
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Reduction in the LIBOR margin on the refinanced commercial tranche to 250 basis points from 275 basis points, subject to 10
basis points upward or downward adjustment based on the Company’s loan to value ratio for vessels secured under the 2015 AR Facility.
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Additional LIBOR reduction of up to 10 basis points for reduction in the Company’s Average Efficiency Ratio for the vessels in
its fleet that are owned or technically managed pursuant to a bareboat charter.
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Elimination of the interest coverage ratio.
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Reduction of the minimum liquidity covenant from $40 million to at least $27 million.
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Increase of the security value ratio from 135% to 145%.
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