Golar receives financing commitment for GoFLNG Hilli
(Thomson Reuters ONE) -
Golar LNG Limited ("Golar" or "the Company") announced today that it has
received an underwritten financing commitment for its first GoFLNG project from
CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion
financing and sale and leaseback transaction for the GoFLNG Hilli.
The financing structure will fund up to 80% of the project cost and will be
split into two phases. The first phase enables Golar to drawdown up to $700m
from the facility to fund the ongoing conversion cost, once Golar has spent
$400m of the estimated $1.2bn conversion cost and the tolling contract with
Perenco and SNH have been ratified by the Cameroon government, expected during
Q3 2015. The Company has spent approximately $385m against the conversion
project to date and hence expects that the equity threshold required to trigger
the financing arrangement will be reached shortly. This financing means that
following the Cameroon government ratification, no further Golar direct funding
for the Hilli conversion will be required, with the remainder of the conversion
project being financed through this new debt facility.
The second phase is triggered upon the delivery of the converted GoFLNG Hilli
from Keppel Shipyard and the satisfaction of certain additional performance
milestones and will allow for the drawdown of up to a further $260m giving an
aggregate $960m representing 80% of the project cost. The financing has a tenor
of 10-years, a 15 year amortisation profile and contemplates the eventual sale
of GoFLNG Hilli to Golar LNG Partners. The expected cost of the financing during
the conversion period is 6.25%, while the long term financing is projected to
cost less than 6% on a fully swapped ten year basis.
Securing this financing is a further important step in realising Golar's
Integrated LNG Mid-Stream Services Strategy. Apart from securing the Hilli
programme, the financing will ultimately enable the release of Golar equity for
application on other GoFLNG programmes.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning future
events and Golar's operations, performance and financial condition. Forward-
looking statements include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or achievements, and may
contain the words "believe", "anticipate", "expect", "estimate", "project",
"will be", "will continue", "will likely result", "plan", "intend" or words or
phrases of similar meanings. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates that are inherently
subject to significant uncertainties and contingencies, many of which are beyond
Golar's control. Actual results may differ materially from those expressed or
implied by such forward-looking statements.
Hamilton, Bermuda
July 21, 2015
Enquiries:
Golar Management Limited: + 44 207 063 7900
Brian Tienzo
Stuart Buchanan
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golar LNG via GlobeNewswire
[HUG#1940139]
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2015 - 12:33 Uhr
Sprache: Deutsch
News-ID 408129
Anzahl Zeichen: 3985
contact information:
Town:
Hamilton
Kategorie:
Business News
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