Exhibit 10.13

 

 

W:\Word Team jobs\Bridge\2015\11 November\26\Dorian LPG, LTD\8K Earnings
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Dorian LPG Finance LLC

c/o Dorian LPG (USA) LLC

27 Signal Road

Stamford, CT 06902 USA

 

 

 

 

 

From:   Dorian LPG Finance LLC

Trust Company Complex

Ajeltake Road, Ajeltake Island

Majuro, Marshall Islands

MH96960

 

c/o Dorian LPG (USA) LLC

27 Signal Road

Stamford, CT 06902

 

 

 

To:       The parties listed in Schedule 1

 

February 1, 2016

 

 

 

Dear Sirs/Madams:

 

Re: Side Letter to the Facility Agreement, dated March 23, 2015 as amended by
Amendment No. 1, dated June 15, 2015 (together, the "Facility Agreement")

 

 

1.    We refer to the Facility Agreement. Defined expressions in the Facility
Agreement shall have the same meaning when used herein unless the context
otherwise requires.

 

2.    We hereby confirm and acknowledge the following:

 

(a)

Clause 3.1 (Purpose) of the Facility Agreement provides that each Advance shall
be made available in the lesser of (a) 55% of the Delivered Price of each Ship
(other than with respect to Ship 1 and Ship 2 which shall be 55% of the Age
Adjusted Delivered Price of each Ship), plus an amount equal to the K-sure
Premium and KEXIM Premium for such Ship, and (b) 55% of the Fair Market Value of
such Ship, tested at the time of delivery of such Ship, plus an amount equal to
the K-sure Premium and KEXIM Premium for such Ship, for an aggregate maximum
principal amount of $758,105,296 for all Advances;

 

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(b)

Clause 1.1 (Definitions) of the Facility Agreement defines the Delivered Price
of each Ship as such Ship's Contract Price, Extras and Contingent Extras, up to
a maximum for such Ship as specified in Schedule 2 (Ship information) to the
Facility Agreement, and provides that the aggregate of Contingent Extras shall
not exceed $2,336,364;

 

(c)

he Delivered Price for Ship 6 was $77,123,470, which was $236,530 less
than anticipated (the "Excess Amount"); and

 

(d)

the aggregate amount of Contingent Extras for all Ships will exceed $2,336,364.

 

3.    In consideration of the above, we have requested and the other Parties
have agreed that the Excess Amount ($130,091) of which being the undrawn
Commitment with respect to Ship 6), shall be re-allocated to finance an increase
in Contingent Extras.

 

4.    The Parties have agreed to the following consequential amendment to the
Facility Agreement:

 

in the definition of Contingent Extras in Clause 1.1 (Definitions), "$2,336,364"
shall be deleted and replaced with "$2,572,894".

 

5.    We hereby confirm our agreement to the above amendment which will be
effective, as of the date first mentioned above, once each of the Parties has
confirmed its acknowledgment and agreement to the provisions of this letter by
counter-signing this letter.

 

6.    The Facility Agreement shall be hereby amended (and deemed amended) in
accordance with this letter.

 

7.    This letter is a Finance Document.

 

8.    Save as amended by this letter, the provisions of the Facility Agreement
shall continue in full force and effect and the Facility Agreement and this
letter shall be read and construed together as one instrument.

 

9.    From and after the date first above written, all references in the
Facility Agreement to "this Agreement" (or words or phrases of a similar
meaning) shall be deemed to be references to the Facility Agreement as amended
by this letter unless the context otherwise specifically requires.

 

10.   This letter and any non-contractual obligations in connection with it are
governed by, and shall be construed in accordance with, New York law.

 

 

 

 

 

 

 

[Signature Pages Follow]

 

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Yours faithfully

 

 

DORIAN LPG FINANCE LLC

 

As Borrower

 

 

 

By:

/s/ Theodore B. Young

 

Name:

Theodore B. Young

 

Title:

President

 

 

 

Acknowledged and agreed to by:

Dorian LPG Ltd.

As Facility Guarantor

Hief Financial Office

 

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

Chief Financial Officer

 

COMET LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

CORVETTE LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN SHANGHAI LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

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DORIAN HOUSTON LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN SAO PAULO LPG TRANSPORT LLC

As Upstream Guarantor

 

 

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

CONCORDE LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

CONSTELLATION LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN ULSAN LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

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DORIAN AMSTERDAM LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN MONACO LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN BARCELONA LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN TOKYO LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN DUBAI LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

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DORIAN GENEVA LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN CAPE TOWN LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

COMMANDER LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN EXPLORER LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

DORIAN EXPORTER LPG TRANSPORT LLC

As Upstream Guarantor

By:

/s/ Theodore B. Young

Name:

Theodore Young

Title:

President

 

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ABN AMRO CAPITAL USA LLC

As Bookrunner, Mandated Lead Arranger, Global Coordinator, Administrative Agent,
Security Agent and Original Lender

By:

/s/ Francis Birkeland

    

By:

/s/ Urvashi Zutshi

Name:

Francis Birkeland

 

Name:

Urvashi Zutshi

Title:

Managing Director

 

Title:

Managing Director

 

ABN AMRO BANK N.V.

As Swap Bank

.N

 

 

 

 

By:

/s/ M.N. Hoogeveen

    

By:

/s/ Nienke Blans

Name:

M.N. Hoogeveen

 

Name:

Nienke Blans

Title:

 

 

Title:

 

 

CITIBANK N.A., LONDON BRANCH

As Bookrunner, Mandated Lead Arranger, ECA Coordinator, ECA Agent and Original
Lender

 

 

 

 

 

By:

/s/ F.A. Wilhelmsen

    

By:

 

Name:

F.A. Wilhelmsen

 

Name:

 

Title:

Vice President

 

Title:

 

 

CITIGROUP GLOBAL MARKETS INC.

As Swap Bank

Alentino Gallo

 

 

 

 

By:

/s/ Valentino Gallo

    

By:

 

Name:

Valentino Gallo

 

Name:

 

Title:

Managing Director

 

Title:

 

 

THE EXPORT-IMPORT BANK OF KOREA

As Mandated Lead Arranger, Swap Bank and Original Lender

won

 

 

 

 

By:

/s/ Kwon Hyuk-Joon

    

By:

 

Name:

Kwon Hyuk-Joon

 

Name:

 

Title:

Director

 

Title:

 

 

--------------------------------------------------------------------------------

 

ING CAPITAL MARKETS LLC

As Swap Bank

o

 

 

 

 

By:

/s/ Moses Lin

    

By:

 

Name:

Moses Lin

 

Name:

 

Title:

Director

 

Title:

 

 

ING BANK N.V., LONDON BRANCH

As Bookrunner, Mandated Lead Arranger and Original Lender

ory

 

 

 

 

By:

/s/ Rory Hussey

    

By:

/s/ Robartus Krol

Name:

David Grant

 

Name:

Robartus Krol

Title:

Managing Director

 

Title:

Director

 

DVB BANK SE

As Bookrunner, Mandated Lead Arranger, Swap Bank and Original Lender

 

 

 

 

 

By:

/s/ Elsa Savvatianou

    

By:

/s/ Georg Junginger

Name:

Elsa Savvatianou

 

Name:

Georg Junginger

Title:

Vide President

 

Title:

Vive President

 

COMMONWEALTH BANK OF AUSTRALIA, NEW YORK BRANCH

As Swap Bank and Original Lender

rik

 

 

 

 

By:

/s/ Erik Doebler

    

By:

 

Name:

Erik Doebler

 

Name:

 

Title:

Associate Director

 

Title:

 

 

DEUTSCHE BANK AG, HONG KONG BRANCH

As Mandated Lead Arranger and Original Lender

 

 

 

 

 

By:

/s/ Edward Hui

    

By:

/s/ Ken Cheng

Name:

Edward Hui

 

Name:

Ken Cheng

Title:

Vice President

 

Title:

Associate

 

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DZ BANK AG

DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK FRANKFURT AM MAIN

As Original Lender

By:

/s/ Manfred Fischer

    

By:

/s/ Steffen Philipp

Name:

Manfred Fischer

 

Name:

Steffen Philipp

Title:

Managing Director

 

Title:

Associate Director

 

SANTANDER BANK, N.A.

As Original Lender

By:

/s/ Jean-Baptiste Piette

    

By:

 

Name:

Jean-Baptiste Piette

 

Name:

 

Title:

Executive Director

 

Title:

 

 

BANCO SANTANDER, S.A.

As Mandated Lead Arranger

 

 

 

 

 

By:

/s/ Antonio Sala

    

By:

/s/ Jose Luis Vicent

Name:

Antonio Sala

 

Name:

Jose Luis Vicent

Title:

Executive Director

 

Title:

Executive Director

 

 

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Schedule 1

 

 

 

 

 

 

 

 

 

 

 

ABN AMRO Capital USA LLC

17th Floor, 100 Park Ave

10017, New York, USA

 

DVB Bank SE

3 Moraitini Street & Palea Leof. Posidonos

Delta Paleo Faliro

175 61 Athens, Greece

 

 

 

ABN AMRO Bank N.V.

Gustav Mahlerlaan 10

1082 PP Amsterdam,

The Netherlands

 

Commonwealth Bank of Australia, New York Branch

Level 17, 599 Lexington Avenue

New York, NY 10022, USA

 

 

 

Citibank N.A., London Branch

Loans Operations Depaiiment

7/9 Traugutta str., 1st Floor

00-985 Warsaw, Poland

 

 

 

Deutsche Bank AG, Hong Kong Branch Level 52, International Commerce Centre

1 Austin Road West, Kowloon, Hong Kong

 

Citigroup Global Markets Inc.

390 Greenwich Street

10013, New York, USA

 

DZ BANK AG Deutsche Zentral­Genossenschaftsbank, Frankfurt am Main Platz der
Republik

60265 Frankfu1i am Main, Germany

 

 

 

The Export-Import Bank of Korea BIFC 20th floor, Munhyeongeumyung-ro 40 Nam-gu,

608-828, Busan, Republic of Korea

 

 

 

Santander Bank, N.A.

4 5 East 5 3rd Street.

10005 New York, USA

 

ING Capital Markets LLC

1325 Avenue of the Americas

10019, New York, USA

 

 

 

Banco Santander, S.A.

Ciudad Grupo Santander

Edif. Encinar - planta 2

28660 Boadilla del Monte (Madrid) Spain

 

ING Bank N.V., London Branch

60 London Wall

London, UK EC2M 5TQ, UK

 

 

 

 

 

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