Golar receives financing commitment for FSRU Tundra
(Thomson Reuters ONE) -
Hamilton, Bermuda: Golar LNG Limited ("Golar") announced today that it has
received an underwritten financing commitment for the December 2015 delivering
newbuild FSRU Golar Tundra ("Tundra"). Based on the current cost of the Tundra,
the facility of up to $216 million, to be provided by China Merchants Bank
Leasing, has a 16 year amortisation profile, will fund the FSRU on a charter
free basis, and, at current 10 year interest rate swap levels, will have an all-
in cost of less than 6%. Subject to an acceptable charter, Golar expects the
facility amount and profile to increase. The facility also provides for the
Tundra's eventual sale to Golar LNG Partners L.P. ("Golar Partners" or "the
Partnership"). On the current charter free basis the facility will finance a
minimum of $50 million more than the final delivery payment to the ship yard
thereby releasing this additional cash to Golar.
As part of this financing commitment China Merchants Bank Leasing will also
provide a parallel facility to refinance the Golar Partners owned FSRU, Golar
Eskimo. Upon drawdown, this new facility will refinance the vessels existing
$156 million debt and provide approximately $100 million of additional finance
that is expected to be used to repay the remaining $100 million balance of the
Golar Eskimo vendor financing facility provided by Golar. This joint financing
for Tundra and Eskimo will therefore release approximately $150 million in cash
that can be used to augment Golar's existing liquidity position.
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
October 23, 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#1961132]
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Datum: 23.10.2015 - 12:37 Uhr
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