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Höegh LNG, Banking Group Upsize Credit Facility to $412MM

April 14, 2014, 07:24 AM
Filed Under: Maritime Assets

Höegh LNG Holdings Ltd has received commitment letters from a group of banks for a US$ 400 million Senior Secured Credit Facility for the financing of FSRU #3 and FSRU #4.

Höegh LNG has now entered into a firm agreement for the facility, which has been upsized to US$ 412 million. The facility is available for pre-and post-delivery financing, has a five year post-delivery tenor and a fifteen years repayment profile. ABN Amro, Citibank, Crédit Agricole, Danske Bank, DNB, Nordea and Swedbank will participate in the financing.

Eksportkreditt is providing fixed rate funding (CIRR) for 20% of the facility amount.  The interest rate will be swapped from floating to fixed.

Höegh LNG’s President and Chief Executive Officer, Sveinung J. S. Støhle, commented: “We are very pleased to have concluded this attractive financing for the last two of the four FSRUs currently under construction at Hyundai Heavy Industries. The structure of this financing underlines [Höegh LNG’s] strong and leading position in the growing FSRU market."

Höegh LNG is a provider of floating LNG services under long-term contracts.  The company owns and operates floating storage and regasification units (FSRUs) which act as floating LNG import terminals, and LNG carriers which transport the LNG to its markets.

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