Golar receives financing commitment for FSRU Tundra
October 23 2015 - 6:37AM
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 NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that 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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