Cheniere Hires Eight Banks To Arrange $4 Billion In Debt Financing
April 16 2012 - 1:46PM
Dow Jones News
Cheniere Energy Partners (CQP) said Monday it has hired eight
banks to help it arrange $4 billion in debt financing, the latest
step in the company's hopes of building a facility to export
natural gas from the U.S. Gulf Coast.
Cheniere listed the eight banks as Bank of Tokyo-Mitsubishi UFJ
Ltd.; Credit Agricole Corporate and Investment Bank; Credit Suisse
Securities (USA) Llc.; HSBC (HBC); J.P. Morgan Securities Llc.;
Morgan Stanley (MS); RBC Capital Markets and SG Americas Securities
Llc.
Cheniere would be the first large-scale exporter of liqufied
natural gas, or LNG, from the continental U.S. after adding export
capability to its import terminal in Sabine Pass, La. The
Houston-based company fell deeply into debt after the U.S. natural
gas production boom made natural gas imports into the country
superfluous.
The proceeds will help Cheniere pay for developing and
constructing the Sabine Pass liquefaction project and buying the
Creole Trail Pipeline from parent company Cheniere Energy Inc.
(LNG)
"Obtaining financing is one of the last steps to complete before
proceeding with the construction of the first two liquefaction
trains being developed at the Sabine Pass LNG terminal," said
Cheniere Chief Executive Charif Souki.
The natural gas supply glut has driven U.S. prices for the
commodity to among the lowest in the world. Cheniere hopes to start
LNG exports by 2015 and has already lined up BG Group (BG.LN), Gas
Natural Fenosa, Gail (India) Ltd. (532155.BY) and Korea Gas Corp.
as customers.
Cheniere still requires final project approval from the Federal
Energy Regulatory Commission, which is set to vote on the company's
plan Thursday.
-By Ben Lefebvre, Dow Jones Newswires; 713-547-9201;
ben.lefebvre@dowjones.com
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