Cool Company Limited announced that a syndicate of existing lenders in one of its bank facilities (the Senior Secured Sustainability Linked Amortizing Term Loan or Facility) has approved an increase in the debt amount of $70 million and has also agreed to reduce the Facility's interest rate margin from 275 basis points to 225 basis points. The additional funding is expected to be drawn on June 30, 2023. The Facility's underlying SOFR exposure is fully hedged, and the Facility's scheduled amortization will be adjusted proportionally for the increased size.

The additional debt funding under this Facility will fund the LNGe conversion of five vessels, including retrofits with sub-coolers for LNG boil-off reliquefaction under the recently announced contract with HD Hyundai Global Service.