Golar LNG Secures $1.125 Billion Financing for Newbuilds
(Thomson Reuters ONE) -
Golar LNG Limited ("Golar" or "the Company") announces today that it has
executed a USD $1.125 billion financing agreement ("the Facility") to fund the
first 8 of its 13 newbuild vessels and FSRUs. The facility is divided into
three tranches: A term loan of USD $450 million funded by a consortium of
lenders and guaranteed by a 95% Korea Trade Insurance Corporation ("K-Sure")
policy; A term loan of USD $450 million funded by The Export Import Bank of
Korea ("KEXIM"), and; A term loan of USD $225 million funded by a syndicate of
commercial banks (the "Commercial Tranche"). The tranches have a 12 year
repayment profile. In anticipation of entering into this financing, the
Company had previously entered into interest rate swaps to hedge the majority of
the loan such that the all-in interest cost for the initial seven years of the
facility will be approximately 3.74%.
Commenting on the agreement, Golar's Chairman John Fredriksen said, "Golar has
demonstrated its commitment to LNG Shipping and FSRUs with its newbuilding
programme, on the back of extremely attractive long term market fundamentals.
To have the support of the Korean ECAs to this extent, without requirement for
contracts in place, enables Golar to take a more flexible and long-term approach
to the LNG shipping market. To see so many of our relationship banks together
with the Korea Finance Corporation and a number of new banks participating in
this oversubscribed facility is both reassuring and welcome. Collectively they
provide a strong footing for the company's ambitious growth plans and we look
forward to their on-going involvement in our business".
Citibank N.A, London Branch acted as Global Coordinator, Book Runner and
Documentation Agent to the transaction. The Mandated Lead Arrangers are Citibank
N.A London Branch, Danske Bank A/S, DvB Bank SE, The Export Import Bank of
Korea, Nordea Bank Norge ASA, Korea Finance Corporation, Skandinaviska Enskilda
Banken AB (publ) and SwedBank AB (publ).
Golar LNG Limited
Hamilton, Bermuda
July 25, 2013
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Source: Golar LNG via Thomson Reuters ONE
[HUG#1719093]
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Datum: 26.07.2013 - 13:37 Uhr
Sprache: Deutsch
News-ID 282181
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